How history of India connected with Industrial Revolution.Write in 5 points
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The Industrial Revolution, now also known as the First Industrial Revolution, was the transition to new manufacturing processes in Europe and the United States, in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. The Industrial Revolution also led to an unprecedented rise in the rate of population growth.
Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods.[1]:40
The Industrial Revolution began in Great Britain, and some of the technological innovations were of British origin.[2][3] By the mid-18th century Britain was the world's leading commercial nation,[4] controlling a global trading empire with colonies in North America and the Caribbean, and with major military and political hegemony on the Indian subcontinent, particularly with the proto-industrialised Mughal Bengal, through the activities of the East India Company.[5][6][7][8] The development of trade and the rise of business were among the major causes of the Industrial Revolution.[1]:15
The Industrial Revolution marks a major turning point in history; almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth. Some economists say that the major effect of the Industrial Revolution was that the standard of living for the general population in the western world began to increase consistently for the first time in history, although others have said that it did not begin to meaningfully improve until the late 19th and 20th centuries.[9][10][11]
GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalist economy,[12] while the Industrial Revolution began an era of per-capita economic growth in capitalist economies.[13] Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants.[14]
Although the structural change from agriculture to industry is widely associated with the Industrial Revolution, in the United Kingdom it was already almost complete by 1760.[15]
The precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes.[16][17][18][19] Eric Hobsbawm held that the Industrial Revolution began in Britain in the 1780s and was not fully felt until the 1830s or 1840s,[16] while T. S. Ashton held that it occurred roughly between 1760 and 1830.[17] Rapid industrialization first began in Britain, starting with mechanized spinning in the 1780s,[20] with high rates of growth in steam power and iron production occurring after 1800. Mechanized textile production spread from Great Britain to continental Europe and the United States in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium and the United States and later textiles in France.[1]
An economic recession occurred from the late 1830s to the early 1840s when the adoption of the original innovations of the Industrial Revolution, such as mechanized spinning and weaving, slowed and their markets matured. Innovations developed late in the period, such as the increasing adoption of locomotives, steamboats and steamships, hot blast iron smelting and new technologies, such as the electrical telegraph, widely introduced in the 1840s and 1850s, were not powerful enough to drive high rates of growth. Rapid economic growth began to occur after 1870, springing from a new group of innovations in what has been called the Second Industrial Revolution. These new innovations included new steel making processes, mass-production, assembly lines, electrical grid systems, the large-scale manufacture of machine tools and the use of increasingly advanced machinery in steam-powered factories.[1][21][22][23]
Explanation:
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Manufacturing is fundamental to a country’s economic success. Industrialization has driven the growth of many developed economies, boosting innovation and creating jobs. Workers migrating from farms to factories fuelled the economic miracles of Taiwan, Korea, China, Thailand and Singapore, reducing poverty and raising living standards. According to a research report by the World Economic Forum, over 70% of the income variations between 128 nations can be attributed to differentiated manufactured product export data alone. However, despite its past success, the traditional industrial model that propelled many economies into prosperity is now being challenged.
The Fourth Industrial Revolution, which fuses physical, digital and biological spheres, is transforming global production systems. Advanced technologies, such as the internet of things, artificial intelligence, blockchain, robotics and additive manufacturing, are changing the future of manufacturing. This future depends heavily on our individual and collective capacities to use the rapidly emerging technologies. Currently the odds are stacked in favour of developed nations, which have greater access to the requisite capital and skills to swiftly respond to the exponential speed of change. However, emerging nations have a unique opportunity to leap-frog to the next levels of development by identifying their comparable advantage across sectors and value chains and preparing for the future. This means investing in the right skills, innovation frameworks, institutional partnerships and policy frameworks.
Indian farmers were forced to produce cotton plantation so that it can fuel English factories as India was then under British rule. Industrial Revolution brought severe consequences to society. Farmers were forced to grow cash crops in place of food crops, which resulted in awfully deadly famines in India.
The Industrial Revolution impacted the environment. The world saw a major increase in population, which, along with an increase in living standards, led to the depletion of natural resources. The use of chemicals and fuel in factories resulted in increased air and water pollution and an increased use of fossil fuels.
Information technology has had a profound influence on the countries economy.
(i) The information technology (IT) revolution opened up new possibilities of economic and social transformation.
(ii) The IT and IT-enabled business out sourcing service continue to be on a robust growth path.