3. Write a short note on 'impact of British ruleon economy.
4 Write a short note on:
Answers
Answer:
The Industrial Revolution in England created a serious impact on Indian economy as it reversed the character and composition of India’s foreign trade. This led to destruction of Indian handicrafts although there was no substantial growth of modern factory industry.
The factors which were responsible for the gradual decay of Indian handicrafts were—disappearance of princely courts and their patronage, aggressive trade policy of the East India Company and the British Government, increasing competition of British machine—made goods and increasing demand for Western commodities as a result of foreign influence.
The destruction of Indian handicrafts created a vacuum in Indian markets which was subsequently fed by British manufactured goods. The destruction of Indian handicrafts led to serious unemployment problem and the weavers were most seriously affected.
Moreover, this unemployed craftsmen and artisans could not find any alternative occupation open to them and thus they had to return to agricultural sector leading to ‘progressive ruralisation of India’. Thus, this dependence of population on agriculture gradually increased from 55 per cent in 1901 to 72 per cent in 1931 and this led to progressive sub-division and fragmentation of agricultural holdings.