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  • Eve of Independence

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    On the eve of Indian independence, the Indian economy had been degraded by British colonial rule over the previous centuries. Britain transformed India from a self-sufficient economy rich in raw materials like cotton and silk to an impoverished exporter of raw goods with a declining share of global industrial output. The British ruined India's textile industry and agricultural sector through policies that prioritized cash crops and exports over local needs. This led to mass unemployment, lack of local goods, and slowed India's overall economic progress while benefiting Britain's economy. By 1947, India's GDP had declined significantly and per capita income remained largely stagnant under British rule.

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    Research about Indian Economy

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    On the eve of Indian independence, the Indian economy had been degraded by British colonial rule over the previous centuries. Britain transformed India from a self-sufficient economy rich in raw materials like cotton and silk to an impoverished exporter of raw goods with a declining share of global industrial output. The British ruined India's textile industry and agricultural sector through policies that prioritized cash crops and exports over local needs. This led to mass unemployment, lack of local goods, and slowed India's overall economic progress while benefiting Britain's economy. By 1947, India's GDP had declined significantly and per capita income remained largely stagnant under British rule.

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    © All Rights Reserved
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    6 views10 pages

    Eve of Independence

    Uploaded by

    devankitp
    On the eve of Indian independence, the Indian economy had been degraded by British colonial rule over the previous centuries. Britain transformed India from a self-sufficient economy rich in raw materials like cotton and silk to an impoverished exporter of raw goods with a declining share of global industrial output. The British ruined India's textile industry and agricultural sector through policies that prioritized cash crops and exports over local needs. This led to mass unemployment, lack of local goods, and slowed India's overall economic progress while benefiting Britain's economy. By 1947, India's GDP had declined significantly and per capita income remained largely stagnant under British rule.

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    © All Rights Reserved
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    of 10

    Indian Economy

    1950-1990
    On the eve of independence and before
    Liberlisation ,Privitization,Globalisation
    On the eve of Independence
    Status of Indian Economy before Britishers
    1.India was a self- sufficient country before Britishers.
    2.India was rich in raw materials like Cotton,silk ,"masala".
    3.India had a stable economy.As French traveler-Bernier-
    Described the following things-
    i.Richer than Egypt.
    ii.It exports in abundance,cotton,silk,butter,rice ,sugar.
    Iii.It has a immense herds of sheep and goats.
    Iv .For its own cosumption-wheat,vegetables,grains,fowls,ducks
    And geese.
    From rajmahal to the sea it has endless number of canals.
    After the arrival of britishers
    • The prosperity of India made Britishers to grow their wealth and
    • Economy
    • They took raw material in abundance from India at cheap prices
    and made finished goods and sell to India .
    Textile Industry of Bengal
    • Ruined the handloom industry of Bengal.
    In 1820,India's GDP was 16%.
    By 1870,fallen to 12%.
    By 1947,extremely poor(4%).
    India's per capita income remained mostly stagnant during the Raj.
    • In the 17th century,major raw producer country.
    • India's share on global industrial output also declined from 25%
    • In 1750 down to 2% in 1900.
    At the same time,united kingdom share to world economy rose from 2.9% in
    1700 upto 9% in 1870.
    It replaced India as the worlds largest textile manufacturer in 19th century.
    Agricultural sector
    Almost degraded by forcing Indians to grow cash crops like Indigo ,cotton and jute only .
    This affected the Indians to suffer hunger.Implementation of vaious policies like zamindari system.
    Other factors--
    1.Low levels of technology.
    2.Low level of irrigation facilities.
    3.Lack of usage of fertilizers.
    4.Commercialization of aggriculture also effected the same.
    Industrial sector
    • As the base of industrial sector demolished.
    • Handloom industry was declined .
    • No other industry is allowed to flourish .
    • *************Implications************
    • Massive unemployment.
    • Absence of local goods for consumer.
    • Increment in the imported goods of britishers.
    • Progress of India is slowed down further.
    Industrial expansion
    .Their was no proper advancement of industries for public,
    It is only for the place which benefitted the britishers .
    Foreign trade
    • India was a important trading nation in the world .
    • Britishers affected the structure ,composition and volume of
    trade.
    • India was seen as exporter of raw material.
    • Britain had a monopoly over India's export and Imports.
    • Suez canal also fostered the trade.
    Demographic dividend
    • Before 1921,India was the first stage of demographic transition.
    • Second stage of transition began after 1921.
    • Overall literacy level was less than 16%.
    • Unavailability of health facilities.
    • Infant mortality rate 218/1000.
    • Life expectancy was 39 years .Today is 69 years in context of India.
    • Highest life expectancy-->>Monaco.
    • Lowest life expectancy-->Lesotho.

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