a quarter of world GDP, superior than the combination of Europe's GDP. The "classic period" ended with the death of Mughal Emperor Aurangzeb, although the dynasty continued for another 150 years. During this period, the Empire was marked by a highly centralized administration connecting the different regions. All the significant monuments of the Mughals, their most visible legacy, date to this period which was characterised by the expansion of Persian cultural influence in the Indian subcontinent, with brilliant literary, artistic, and architectural results. The Maratha Empire was located in the south west of present-day India and expanded greatly under the rule of the Peshwas, the prime ministers of the Maratha empire. In 1761, the Maratha army lost the Third Battle of Panipat which halted imperial expansion and the empire was then divided into a confederacy of Maratha states. British and Dutch colonization The development of New Imperialism saw the conquest of nearly all eastern hemisphere territories by colonial powers. The commercial colonization of India commenced in 1757, after the Battle of Plassey, when the Nawab of Bengal surrendered his dominions to the British East India Company, in 1765, when the company was granted the diwani, or the right to collect revenue, in Bengal and Bihar, or in 1772, when the company established a capital in Calcutta, appointed its first Governor-General, Warren Hastings, and became directly involved in governance. The Maratha states, following the Anglo-Maratha wars, eventually lost to the British East India Company in 1818 with the Third Anglo-Maratha War. The rule lasted until 1858, when, after the Indian rebellion of 1857 and consequent of the Government of India Act 1858, the British government assumed the task of directly administering India in the new British Raj. In 1819, Stamford Raffles established Singapore as a key trading post for Britain in their rivalry with the Dutch. However, their rivalry cooled in 1824 when an Anglo-Dutch treaty demarcated their respective interests in Southeast Asia. From the 1850s onwards, the pace of colonization shifted to a significantly higher gear. The Dutch East India Company (1800) and British East India Company (1858) were dissolved by their respective governments, who took over the direct administration of the colonies. Only Thailand was never colonized by a European power, although, Thailand itself was also greatly affected by the power politics of the Western powers. Colonial rule had a profound effect on Southeast Asia. While the colonial powers