Briefly discribe the economic conditions of India during the british period
Answers
Explanation:
The Indian economy under the British Raj describes the economy of India during the years of the British Raj, from 1858 to 1947. According to historical GDP estimates by economist Angus Maddison, India's GDP during the British Raj grew in absolute terms but declined in relative share to the world
India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population. From 1850 to 1947 India's GDP per capita had grown only slightly by 16%, from $533 to $618 in 1990 international dollars.
The following points highlight the top four conditions of the Indian economy during the British period. The conditions are: 1. Agriculture 2. Industry 3. Transport and Communications 4. Foreign Trade
1. Agriculture:
Indian agriculture remained completely traditional and primitive during the British rule from 1757 to 1947. Farm technology followed during those days was simple and no transformation was adopted into it.
2. Industry:
The process of industrialization in India during the British period must be traced back from 1750 onwards. India was quite well known for its industrial products. The industry which was very much famous in India during those days was the urban handicraft industry.
3. Transport and Communications:
Development of transport and communications has been considered quite significant from a strategic, administrative, economic, political, cultural, and social point of view. During the British period, the transport and communications system in India was totally backward.
4. Foreign Trade:
During the pre-British period, India was quite self-sufficient in foodstuffs and maintained a favorable balance of trade.