Discuss the British colonial intervention in India’s economy in the early 20th century 500 words
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Explanation:
The following points highlight the six main impacts of British colonial rule on the Indian economy. The impacts are: 1. Destruction of Indian Handicrafts 2. New Land System 3. Commercialisation of Agriculture 4. Development of Railway Network 5. Occurrence of Famines 6. Transforming Trade Pattern.
British Colonial Rule: Impact # 1.
Destruction of Indian Handicrafts:
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.
British Colonial Rule: Impact # 2.
New Land System:
New land system of the British ruler also created a serious impact on the Indian economy. During the East India Company rule, the company administrators imposed land revenue at exorbitant rates and thereby realised larger returns from land.
Thereafter, the British Government introduced the land settlement in 1793. Permanent settlement was introduced in Bengal and other neighbouring areas, and then gradually extended to other states. This settlement led to introduction of zamindary system where zamindars were responsible for collecting and remitting the land revenue to the British rulers.
Later on, another system known as ryotwary settlement was also introduced in Bombay and Madras and then subsequently to northeastern and north-western India where peasant landlords were directly responsible to the state for the annual payment of land revenue.
Under both these systems, the land revenue or the rent fixed was excessively high and this led to destruction of the organic village community in India.
British colonial intervention in India’s economy in the early 20th century.
- British Raj or Crown rule in India witnessed princely states under Britishers. During this period the rule of East India Company was transferred to Queen Victoria.
- Lord Salisbury, Lord Canning, and Sir Charles Wood were eminent personalities of Indian Rebellion 1857.
- The era marked a transformative phase with the British took political steps such as the formation of portfolios in Health, Law, Education, Defense, etc.
- A secretary was appointed to look after the functions of these portfolios.
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