discuss in detail the important features of the indian economy in the post independence period
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1.The colonial British government pursued policies that were in the economic interest of their country. They transformed India into a supplier of raw materials and a consumer of finished products from Britain.
2.Most of the country’s population lived in villages and derived their livelihood from agriculture. The colonial government introduced various systems of land settlement which lowered agricultural productivity and led to stagnation in the agricultural sector. Lack of irrigation facilities and the negligible use of fertilizers aggravated the plight of the farmer.
3.The decline of the indigenous handicraft industries led to massive unemployment. The cotton and silk industries were the worst hit. Soon, the iron, shipping, glass, metal, paper, pottery, gun, tanning, and dyeing industries collapsed too. For centuries, India had been the largest exporter of cotton goods in the world. Under British rule, it became an exporter of raw cotton and an importer of finished cotton products made in Britain.
4.Britain maintained a monopoly over India’s exports and imports. They imposed high import duties and other restrictions on the import of Indian goods into Britain and the rest of Europe. Due to these policies, European markets virtually closed their doors to Indian manufacturers after 1820.
5.The introduction of the railways in 1850 broke geographical barriers. However, the colonial government’s railway policy discriminated against Indian enterprise. The railway freight rates favored the distribution of foreign goods over Indian goods.
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