Indian Economy on the eve of independence: As a result, Indian economy at the time of independence was in a very bad shape. Agriculture was in a good shape and looking up.
The above two main policy transformed India into a net supplier of raw material and consumer of finished Industrial product from Britain. Agriculture was continuously stagnated and deteriorated.
Little growth in agriculture due to expansion of area under cultivation. Cause for low productivity and stagnation of agriculture during British rule Low productivity in agriculture during British period is due to land settlement system.
Zamindari system Profit which came from agriculture went into the hands of Zamindars instead of cultivators.
Zamindars did nothing for the development of agriculture sector because there main aim was to gain profit ignoring whatever the economic condition of cultivators. Revenue settlement process-zamindars had to deposit fixed amount of money within given date if they fail to do this they lose their rights.
British Government collected taxes directly from the peasants. Mahalwari System Mahalwari system was introduced in during the period of Warren Hastings. The villages committee was held responsible for collection of the taxes.
However, the British officers hardly cared of these rules. This created widespread discontent among the Indians Low levels of technology-There is negligible use of scientific techniques Negligible use of fertilizers-fertilisers are rarely used Lack of irrigation facility-irrigation facility and tools are not adequate.
Growth in Agriculture-commercialisation of agriculture results in high yield of cash crops in some areas but in no way help farmers because it was used by Britishers.
Industrial sector Like agriculture industrial sector could not develop during British rule. Reason behind failure of industrial sector during British rule British India wants to make India only exporter of raw material to Britain and feeder of the finished products from Britain.
Results of failure of industrial sector during british rule Unemployment, demand in the Indian consumer market this result in more imports of cheap manufactured goods from Britain. Hardly any Capital goods industry which produce machine tools Lack of this lower the rate of industrial development in India.
Limited area of operation-new industrial sectors confined only to the railways, communications, ports, power generation and some other departmental undertaking. In the beginning the major industry were cotton and textiles mills. After second world-war-Paper, sugarcement etc industries also setup. Exports from India-raw silk,wool,sugar,jute, indigo etc This export did not result in any gold or silver into India it is one way development and that is towards Britain Imports to India-Finished goods like cotton, silk and woolen cloths and capital goods like machines.
Infrastructure Under the British rule basic infrastructure develops such as railways, ports, water -transport, telegraphs and posts did develop, main motive behind it to serve various colonial interests instead of providing basic amenities to the people.
The British introduced the railway in India in most important contribution. It helps the people to travel long distance within short time and help in the commercialisation of agriculture. Conclusion-condition of economy during British rule is not very appreciating the agricultural output is very low due to wrong policies of colonial government ,Industrial sectors was crying for modernization, diversification, capacity building and increased public investment.
In nutshellthe social and economic challenges before the country were enormous.1. Indian Economy-Underdeveloped: On the eve of independence, Indian economy was underdeveloped economy.
Essay on Indian Economy. Article Shared by. ADVERTISEMENTS: To know and understand the nature of Indian economy, it is very necessary to have a clear idea about the meaning of Indian economy. After Independence India launched her First Five Years plan in ; then now 5-Year Plan is going on. CBSE Assignment for Class 11 Economics -Indian Economy on the Eve of Independence. Based on CBSE and CCE guidelines. The students should read these basic concepts to gain perfection which will help him to get more marks in CBSE examination. India, before , was a country divided by many regions, languages, religions and cultures. On August 14th, , the Islamic Republic of Pakistan became independent. On August 15th, , the jewel of the British Empire, India, was granted independence. India had been divided, primarily along a .
As an underdeveloped economy, Indian economy had the following features: (i) Low Per Capita Income: Underdeveloped economies have low per capita income. India has no exception to it.
In , per capita income was Rs. People were poor. Indian economy on the eve of Independence Q1: What was the main objective of British colonial rule in India from economic point of view? Answer: The sole purpose of the British Colonial rule in India was to reduce the country to being a feeder economy.
Indian Economy On The Eve Of Independence Introduction The main purpose of this Topic is to make you familiar with India’s economy in and present some important factors that leads to underdevelopment and stagnation of the India’s Economy. Although politics and nationalism were important causes of the Indian Independence Movement, the most important cause was Imperialism because of the British East India Company, economy, and religion.
The British East India Company was a cause of imperialism. Essay on Indian Economy. Article Shared by. ADVERTISEMENTS: To know and understand the nature of Indian economy, it is very necessary to have a clear idea about the meaning of Indian economy.
After Independence India launched her First Five Years plan in ; then now 5-Year Plan is going on. India, before , was a country divided by many regions, languages, religions and cultures. On August 14th, , the Islamic Republic of Pakistan became independent.
On August 15th, , the jewel of the British Empire, India, was granted independence. India had been divided, primarily along a .