background of indian economic development during colonial rule
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Answer:
According to British economist Angus Maddison, India's share of the world economy went from 24.4% in 1700 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.
The impacts are: 1. Destruction of Indian Handicrafts 2. New Land System 3. Commercialisation of Agriculture 4. Development of Railway Network 5.
Answer::
Colonial India was the part of the Indian subcontinent that was under the jurisdiction of European colonial powers during the Age of Discovery. European power was exerted both by conquest and trade, especially in spices.[1][2] The search for the wealth and prosperity of India led to the colonization of the Americas after their discovery by Christopher Columbus in 1492. Only a few years later, near the end of the 15th century, Portuguese sailor Vasco da Gama became the first European to re-establish direct trade links with India since Roman times by being the first to arrive by circumnavigating Africa (c. 1497–1499). Having arrived in Calicut, which by then was one of the major trading ports of the eastern world,[3] he obtained permission to trade in the city from Saamoothiri Rajah. The next to arrive were the Dutch, with their main base in Ceylon. Their expansion into India was halted, after their defeat in the Battle of Colachel by the Kingdom of Travancore, during the Travancore-Dutch War.The Indian economy under the British Raj describes the economy of India during the years of the British Raj, from 1858 to 1947. ... From 1850 to 1947 India's GDP in 1990 international dollars grew from $125.7 billion to $213.7 billion, a 70% increase or an average annual growth rate of 0.55%.