Question

Impact of british rule and underdevelopement of indian economy

Answer 1

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The Industrial revolution has helped the English merchants accumulate a lot of capital
from the countries of Asia, Africa and America. They now wanted to invest this wealth
in setting up industries and trade with India. The mass production of goods through
machines that we witness today was pioneered through the Industrial Revolution
which occurred first in England during the late 18th and the early 19th century. This
led to a massive increase in the output of finished products. The East India Company
helped in financing and expanding their industrial base. During this time there was
a class of manufacturers in England who benefited more from manufacturing than
trading. They were interested in having more raw materials from India as well as
sending their finished goods back. Between 1793 and 1813, these British manufacturers
launched a campaign against the company, its trade monopoly and the privileges it
enjoyed. Ultimately, they succeeded in abolishing the East India Company’s
monopoly of Indian trade. With this India became an economic colony of Industrial
England.

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