Economic impact

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Economic impact

  1. 1. IMPACT OF COLONIALISM ON INDIAN ECONOMY
  2. 2. PHASES OF ECONOMIC POLICY IN INDIA • THE MERCANTILIST PHASE:  MONOPOLIZED TRADE AND BEGAN DIRECT PLUNDER.  USED REVENUE OF BENGAL TO FINANCE EXPORTS OF INDIAN GOODS.  USED POLITICAL POWER TO MONOPOLIZE TRADE AND DICTATE TERMS TO THE WEAVERS.
  3. 3. • THE INDUSTRAIL PHASE:  AFTER 1813 THE COMMERCIAL POLICY OF EAST INDIA COMPANY WAS GUIDED BY NEEDS OF THE BRITISH INDUSTRY.  FREE TRADE FOR BRITISH CITIZENS.  INDIA FORCED TO EXPORT RAW MATERIALS.  INDIAN PRODUCTS HAD TO COMPETE WITH BRITISH PRODUCTS WITH HEAVY IMPORTED DUTIES.
  4. 4. • FINANCE COLONIALISM:  BRITISH INTRODUCED ROADS AND RAILWAYS, POSTS AND TELEGRAPHS, BANKING UNDER GUARANTEED INTERESTS.  BURDEN OF BRITISH PUBLIC DEBTS KEPT ON INCREASING ON INDIA.
  5. 5. DISRUPTION OF ECONOMY • INDIA PROVIDED RAW MATERIALS TO FEED THE INDUSTRIES OF BRITAIN AND BECAME A DUMPING GROUND OF BRITISH MANUFACTURES. • PROVIDED FIELD FOR INVESTMENT OF BRITISH CAPITAL. • INDUSTRIAL IMPERIALISM.
  6. 6. RUIN OF VILLAGE TRADE AND CRAFT • COLLAPSE OF HANDICRAFTS. • RUIN OF INDIAN INDUSTRIES. • HIGH IMPORT DUTIES ON INDIAN GOODS. • BRITISH PURCHASED ALL MILITARY WEAPONS MANUFACTURED IN BRITAIN.
  7. 7. IMPOVERISHMENT OF THE PEASANTRY • EXTRACTING THE MAXIMUM POSSIBLE LAND REVENUE HAD LED TO DEVASTATION. • HEAVY ASSESSMENT OF LAND. • RIGID MANNER OF ITS COLLECTION.
  8. 8. . • RUIN OF OLD ZAMINDARS AND RISE OF NEW LANDLORDISM. • STAGNATION AND DETERIORATION OF AGRICULTURE. • DEVELOPMENT OF MODERN INDUSTRIES. • SLOW INDUSTRIAL PROGRESS. • DRAIN OF WEALTH

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