The document summarizes the negative economic impact of British colonial rule in India. It led to deindustrialization, decline of the handloom/handicraft sector, commercialization of agriculture focused on exports, and massive wealth extraction in the form of revenue drained from India to Britain. India was transformed from a manufacturing economy into primarily an exporter of raw materials and importer of British manufactured goods. This arrested India's economic development and weakened its domestic industry.
Sate of Indian Economy on the Eve of Independence, Synopsis:
Before the British Rule
During the British Rule
Components of Indian Economy
Agricultural Sector in India During Colonial Rule
Industrial Sector in India During Colonial Rule
Foreign Trade in India During Colonial Rule
Demography in India During Colonial Rule
Occupational Structure in India During Colonial Rule
Infrastructure in India During Colonial Rule
Positive Impacts of British Rule in India
Class XI AND XII, Economics, NCERT
INDIAN ECONOMY ON THE EVE OF INDEPENDENCESavita Sonam
CHAPTER:1 (ECONOMICS) SOLE PURPOSE OF BRITISHER'S COLONIAL AT THE EVE OF INDEPENDENCE.
IN THIS CHAPTER WE GOING TO KNOW THE SOLE PURPOSE OF BRITISHER COLONIAL RULE IN INDIA WAS TO REDUCE THE COUNTRY TO BEING A FEEDER ECONOMY FOR GREAT BRITAIN’S OWN RAPIDLY EXPANDING MODERN INDUSTRIAL BASE . THUS ,IN 1947 ,WHEN BRITISH TRANSFERRED POWER BACK TO INDIA ,WE INHERITED A CRPPLED ECONOMY.
Sate of Indian Economy on the Eve of Independence, Synopsis:
Before the British Rule
During the British Rule
Components of Indian Economy
Agricultural Sector in India During Colonial Rule
Industrial Sector in India During Colonial Rule
Foreign Trade in India During Colonial Rule
Demography in India During Colonial Rule
Occupational Structure in India During Colonial Rule
Infrastructure in India During Colonial Rule
Positive Impacts of British Rule in India
Class XI AND XII, Economics, NCERT
INDIAN ECONOMY ON THE EVE OF INDEPENDENCESavita Sonam
CHAPTER:1 (ECONOMICS) SOLE PURPOSE OF BRITISHER'S COLONIAL AT THE EVE OF INDEPENDENCE.
IN THIS CHAPTER WE GOING TO KNOW THE SOLE PURPOSE OF BRITISHER COLONIAL RULE IN INDIA WAS TO REDUCE THE COUNTRY TO BEING A FEEDER ECONOMY FOR GREAT BRITAIN’S OWN RAPIDLY EXPANDING MODERN INDUSTRIAL BASE . THUS ,IN 1947 ,WHEN BRITISH TRANSFERRED POWER BACK TO INDIA ,WE INHERITED A CRPPLED ECONOMY.
The British Raj was the rule by the British Crown in the Indian subcontinent between 1858 and 1947.The rule is also called Crown rule in India,or direct rule in India.The region under British control was commonly called India in contemporaneous usage, and included areas directly administered by the United Kingdom, which were collectively called British India, and those ruled by indigenous rulers, but under British tutelage or paramountcy, and called the princely states. The resulting political union was also called the Indian Empire and after 1876 issued passports under that name.As India, it was a founding member of the League of Nations, a participating nation in the Summer Olympics in 1900, 1920, 1928, 1932, and 1936, and a founding member of the United Nations in San Francisco in 1945.
This system of governance was instituted on 28 June 1858, when, after the Indian Rebellion of 1857, the rule of the British East India Company was transferred to the Crown in the person of Queen Victoria(who, in 1876, was proclaimed Empress of India). As a state, the British Empire in India functioned as if it saw itself as the guardian of a system of connected markets maintained by means of military power, business legislation and monetary management.It lasted until 1947, when the British Indian Empire was partitioned into two sovereign dominion states: the Dominion of India (later the Republic of India) and the Dominion of Pakistan (later the Islamic Republic of Pakistan, the eastern part of which, still later, became the People's Republic of Bangladesh). At the inception of the Raj in 1858, Lower Burma was already a part of British India; Upper Burma was added in 1886, and the resulting union, Burma, was administered as an autonomous province until 1937, when it became a separate British colony, gaining its own independence in 1948.
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
a brief history, sectors and outlook of the Indian economy.
effect of liberalisation on economy, foreign trade, current state of the Indian economy, gst, demonetisation and their effects of Indian economy, issues with the Indian economy and ways to deal with them
The British Raj was the rule by the British Crown in the Indian subcontinent between 1858 and 1947.The rule is also called Crown rule in India,or direct rule in India.The region under British control was commonly called India in contemporaneous usage, and included areas directly administered by the United Kingdom, which were collectively called British India, and those ruled by indigenous rulers, but under British tutelage or paramountcy, and called the princely states. The resulting political union was also called the Indian Empire and after 1876 issued passports under that name.As India, it was a founding member of the League of Nations, a participating nation in the Summer Olympics in 1900, 1920, 1928, 1932, and 1936, and a founding member of the United Nations in San Francisco in 1945.
This system of governance was instituted on 28 June 1858, when, after the Indian Rebellion of 1857, the rule of the British East India Company was transferred to the Crown in the person of Queen Victoria(who, in 1876, was proclaimed Empress of India). As a state, the British Empire in India functioned as if it saw itself as the guardian of a system of connected markets maintained by means of military power, business legislation and monetary management.It lasted until 1947, when the British Indian Empire was partitioned into two sovereign dominion states: the Dominion of India (later the Republic of India) and the Dominion of Pakistan (later the Islamic Republic of Pakistan, the eastern part of which, still later, became the People's Republic of Bangladesh). At the inception of the Raj in 1858, Lower Burma was already a part of British India; Upper Burma was added in 1886, and the resulting union, Burma, was administered as an autonomous province until 1937, when it became a separate British colony, gaining its own independence in 1948.
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
a brief history, sectors and outlook of the Indian economy.
effect of liberalisation on economy, foreign trade, current state of the Indian economy, gst, demonetisation and their effects of Indian economy, issues with the Indian economy and ways to deal with them
Economics Class 12 Art Integrated Project on the topic of 'State of Indian Economy at the Eve of Independence' covering Agriculture, Industry, Trade, Occupational Structure, Demographic Profile etc.
Revolt of 1857 The 1857 Rebellion was a watershed moment in the British treatment of Indians The Indians were enraged at the Whites mistreatment and misbehavior against them The fundamental issue with Britishers was that they came to India solely to exploit the country s resources, which were hardly visible to the Indian authorities at the time
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
2. The British who came as traders became the masters of India by their
policies and strategies including interventions, conquests and alliances.
Their constant exploitation followed by suppression and corruption
resulted in the accession of power by the Queen in 1858 soon after the
mutiny.
This phase witnessed the transition from traders and later to masters
and then the rule by a foreign power in the country.
Also with the industrial revolution, this territorial expansion and
imperialistic rule completely shifted India to a source for raw materials
and a good market for finished products of British industries. All these
had brought changes in the structure of the very basis of Indian
economy and are still reflected after many years of independence.
3. Reasons for Coming to India
The European and the British traders initially came to India for trading
purposes.
The Industrial Revolution in Britain led to the increase in demand for raw
materials for the factories there.
At the same time, they also required a market to sell their finished goods.
India provided such a platform to Britain to fulfill all their needs.
The 18th century was a period of internal power struggle in India
and with the declining power of the Mughal Empire, the British officials were
provided with the perfect opportunity to establish their hold over Indian
Territory.
They did these through numerous wars, forced treaties, annexations of and
alliances with the various regional powers all over the country. Their new
administrative and economic policies helped them consolidate their control
over the country.
4. Their land revenue policies help them keep the poor farmers in check and
get huge sums as revenues in return.
They forced the commercialization of agriculture with the growing of
various cash crops and the raw materials for the industries in the Britain.
With the strong political control, the British were able to monopolies the
trade with India.
They defeated their foreign rivals in trade so that there could be no
competition.
They monopolized the sale of all kinds of raw materials and bought these
at low prices whereas the Indian weavers had to buy them at exorbitant
prices. Heavy duties were imposed on Indian goods entering Britain so as
to protect their own industry.
5. HENCE
The Indian economy under British rule underwent a phase of arrested
development. This was so,inspite of the fact that most pre-requisites for
economic development were met by India even prior to the British advent.
These were; a prosperous agriculture, significant indigenous industry,
sizable exports, abundance of minerals and ores, and above all, a surplus
which could be invested.
Thus, India had the potential for economic growth. With the advent of the
British came modern business, technology, capital, and the political
institution. The obvious question that follows is that, why did not India
experience any significant economic progress. The answer to this lies in the
nature of colonial relationship between Britain and India.
6. Before Britishers
Several economic historians have argued that real wage decline occurred in the
early 19th century, or possibly beginning in the very late 18th century, largely as
a result of British imperialism. Economic historian Prasannan Parthasarathi
presented earnings data which showed real wages and living standards in 18th
century Bengal and Mysore being higher than in Britain, which in turn had the
highest living standards in Europe.
Mysore's average per-capita income was five times higher than subsistence level,
i.e. five times higher than $400 (1990 international dollars),or $2,000 per capita.
In comparison, the highest national per-capita incomes in 1820 were $1,838 for
the Netherlands and $1,706 for Britain.
It has also been argued that India went through a period of deindustrialization in
the latter half of the 18th century as an indirect outcome of the collapse of the
Mughal Empire
7. Under British rule, India's share of the world economy declined from 24.4% in
1700 down to 4.2% in 1950.
India's GDP (PPP) per capita was stagnant during the Mughal Empire and began
to decline prior to the onset of British rule.
India's share of global industrial output declined from 25% in 1750 down to 2%
in 1900.
At the same time, the United Kingdom's share of the world economy rose from
2.9% in 1700 up to 9% in 1870.
8. The British East India Company, following their conquest of Bengal in 1757, had
forced open the large Indian market to British goods, which could be sold in
India without tariffs or duties, compared to local Indian producers who were
heavily taxed, while in Britain protectionist policies such as bans and high
tariffs were implemented to restrict Indian textiles from being sold there,
whereas raw cotton was imported from India without tariffs to British factories
which manufactured textiles from Indian cotton and sold them back to the
Indian market.
British economic policies gave them a monopoly over India's large market and
cotton resources.
India served as both a significant supplier of raw goods to British
manufacturers and a large captive market for British manufactured goods.
9. Before the British rule, India was
self-sufficient in textile and Cotton
products but during the British rule,
India fell down to the position of
importing cloth from England.
10. In the 19th century A.D. British government
abolished the tariff protection of Indian goods. The
country was reduced to the position of supplier of
raw material to British industries. In 1850 Jute mills
were established in India but there was no
economic development in the country. In the time
of 1st World War some goods, acquired by the
people were reduced in India. This gave some
industrial progress in our country.
11. The economic policies of the British Raj caused a severe decline in
the handicrafts and handloom sectors, due to reduced demand
and dipping employment. After the removal of international
restrictions by the Charter of 1813, Indian trade expanded
substantially with steady growth.
The result was a significant transfer of capital from India to
England, which, due to the colonial policies of the British, led to a
massive drain of revenue rather than any systematic effort at
modernisation of the domestic economy
13. THE CAUSES OF DECLINE
Impact of the industrial revolution
Loss of royal patronage
Loss of external markets
Coercive tactics used by the British
Indifference of the British rulers
14. IMPACT OF INDUSTRIAL
REVOLUTION
The same goods produce in industries ,when
compared to a craftsman's goods , were very cheap.
They were also better in quality and quantity.
So these were the major factors in front of
industries ,for the slowly dying Indian crafts .
15.
16. LOSS OF ROYAL
PATRONAGE
After the British ended their conquest in India most of
the Indian rulers were on their side .taking advantage of
this British promoted the selling of their of goods and
under influence they waived of taxes on their goods
and increased the taxes of Indian goods .
Thus losing the patronage of Indian goods
17.
18. LOSS OF EXTERNAL
MARKETS
Due to the high taxes levied on Indian goods,
by the British, the sellers and crafters suffered
heavy losses .
And slowly Indian crafts loss their place in
external markets like:
Britain ,France ,Dutch and Arabian countries
19. COERCIVE TACTICS USED
BY BRITISH
The British forced the Indian farmers grow what
was profitable to the company not to the farmers .like
indigo which was growing good in india.it was of
huge demand in births. So it was forced to grow in
India.
Soon India like this became the largest exporter of
raw materials.
20. From the beginning of the 19th century, the British East India Company's
gradual expansion and consolidation of power brought a major change in
taxation and agricultural policies, which tended to promote
commercialisation of agriculture with a focus on trade, resulting in decreased
production of food crops, mass impoverishment and destitution of farmers,
and in the short term, led to numerous famines.
22. INDIFFERENCE OF THE
BRITISH RULERS
They treated the people of their own country
carefully while ruling India they did not even try
to help them.
For example: in Britain when artists got
displaced by industrial revolution they provided
them with certain benefits but not in India .
23. SO RESULTED IN
In great loss to the local artisans in India .There was a huge
migrationof people from cites to villages , for primary
activities like farming .
This put further pressure on land ,with pieces getting
fragmented .
So the traditional crafts and products went into trouble during the
British times in front of industrial revolution .
24.
25. REVENUE INTO BRITISH
Taxes gone in the respective year
1859=361 million rupees (today’s value $
5,415,000,000 )
1890=851 million rupees (today’s value $
12,765,000,000 )