1. ECONOMIC DEVELOPMENT UNDER THE COLONIAL RULE
CHAPTER 1: INDIAN ECONOMY ON THE EVE OF INDEPENDENCE
- LOW LEVEL OF ECONOMIC DEVELOPMENT UNDER THE COLONIAL RULE
- AGRICULTURAL SECTOR
- INDUSTRIAL SECTOR
- FOREIGN TRADE
- DEMOGRAPHIC CONDITION
- OCCUPATIONAL STRUCTURE
- INFRASTRUCTURE
1. ECONOMIC DEVELOPMENT UNDER THE COLONIAL RULE:
Situation of Indian economy before British rule:
- Independent:
- Through agriculture was the main source of livelihood for most people, yet, the country’s economy was characterised by various kinds of manufacturing activities.
- Well known for its handicraft industries (cotton, silk textiles, metal, precious stone works); access in worldwide market. For example: textile industry in Bengal; Daccai muslin (MalMal shahi or malmal khas) is a type of cotton textile around Dhaka.
- Economic policies: protection and promotion of the economic interests of UK than with the development of the Indian economy. Structure of the Indian economy transformed into supplier of raw materials and consumer of finished industrial products.
- National & per capita income: never did sincere attempts but individual attempts (conflict) by Nairobi, William Digby, Findlay Shiras, V.K.R.V. Rao (significant) and R.C. Desai: REAL GDP <2%, per capita output .5%