how railways promote development in industrial and agriculture factors
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Railways were the most important infrastructure development in India from 1850 to 1947. In terms of the economy, railways played a major role in integrating markets and increasing trade. In terms of politics, railways shaped the finances of the colonial government and the Princely States. At the same time, Indian political institutions influenced railway ownership and policy, which in turn influenced railway performance. As the twentieth century progressed, railways became a force for independence and democracy.
The Government of India had a strong influence on railways from the beginning, but the government’s role increased over time. Railways were partially nationalised between 1880 and 1908 as the Government of India assumed a majority ownership stake in the former guaranteed railway companies. Dividend guarantees were a key feature of the early era of private ownership before 1880. We argue that guarantees weakened incentives to lower costs, but they also encouraged rapid railway development. Complete nationalisation occurred between 1924 and 1947 as the colonial government assumed full control over operations.
The performance of Indian railways can be classified into two periods: pre-1920 and post-1920. There was a trend to higher output, productivity, and profits between 1850 and 1919, but after 1920 there was a leveling off.
There is also clear evidence that railways increased market integration and raised incomes, but the magnitude of the effect and the precise mechanisms are still in doubt. This post asks whether railways could have done more to aid Indian economic development.
Traffic developed slowly in the first decade of railway operations, but the subsequent increase in traffic surprised even official estimates. In the absence of comparable substitutes, Indians used railways to transport goods and people leading to price convergence and market integration across different regions of India. The questions are whether the introduction of railways increased market integration and price convergence, and also whether railways substantially increased income.
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railway are the most important infrastructure development in India from 1850 to 1947 . in terms of evonomy railway played a major role in integrating markets and increasing trade