Impact of first world war on indian economy(finance,capital,banking)
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The Great War left a lasting impact on Indian history which actually, along with WWII, gave a huge push to the Indian Independence movement. Let’s find out:
World War I opened India to the West:
Nearly 800,000 troops fought in Europe during the War. During this, many Indians were able to get access to the Western media and the lifestyle there. Many Indians realized how backward Britain had made their beloved nation. Many Indians decided to willingly learn English and other foreign languages. When the British backfired on their promise to give independence after the war, a new zeal erupted among the Indians to free the nation from Britain.
India learnt that Britain was untrustworthy:
The Indian dominion actively participated in the war. Offers of financial and military help were made from all over the country. Hugely wealthy princes offered great sums of money for the war effort. 47,476 soldiers were martyred with 65,000 wounded.
In spite of such overwhelming support, the British ungratefully denied the promised Independence to India. They instead introduced Dyarchy form of government which is basically allowed Indians to form provincial administrations democratically while Britain still handled the Centre. Unfair laws such as the Rowlatt Act (arrest without warrant) and atrocities like the Jallainwala Bagh Massacre were committed. The Indians were betrayed. The thirst for freedom became very high. Radical leaders such as Gandhi, Nehru, Sardar Patel, Bose appeared on the scene and ignited the fire in the masses. World War I marks the last instance where India willingly cooperated in British endeavors.
It fostered unity among the Indians:
India, both its people and economy was devastated after World War I. The Indians had realized that the British had royally taken them for a ride and they too foolishly fell for it. They also realized that the British were trying to ‘divide and rule’ India. Therefore a sense of unity especially between the Hindus and Muslims prevailed. By the Lucknow Pact of 1916, the Congress and the Muslim League agreed to fight for the one cause of independence of the nation
India came to know that Britain wasn’t invincible:
After the British mercilessly crushed the Great Revolt of 1857, all hopes of freedom were lost. This feeling more or less continued until when the Indian soldiers returned from the war, many Indians got to know that Britain was severely weakened by the war. Britain had too many colonies in different parts of the world all demanding independence at the same time. Also India came to know that Britain was running purely on Indian fuel. Therefore the Indians now felt empowered realizing that all along, Britain was actually under their power. The success of the Quit India Movement, Salt Sathyagraha, Civil Disobedience Movement, Non Cooperation Movement all stand testimony to this fact.
Economic Impact:
India was near bankrupt after World War I. The Great Depression which followed it made the situation much worse. To save Britain from the depression Government of British India ordered for a protective trade policy, which was just in the interest of England but not for India. The sea based trade was drastically reduced while the agricultural sector was crippled. The ambiguous policies that were adopted by the British Governance in India and the international recession lead to very high inflation as the prices sky-rocketed for various goods and services. The high prices which would then be subjected to very heavy taxes laid by the government made Indians suffer heavily. The Great Depression took a huge toll on the farmers as they had to sell their possessions like gold and silver at petty rates just to survive. Such was the dire state of post World World War 1 India.....
Thus not only World War I, the war which followed too had a great impact on Indian history, both positive and negative.
World War I opened India to the West:
Nearly 800,000 troops fought in Europe during the War. During this, many Indians were able to get access to the Western media and the lifestyle there. Many Indians realized how backward Britain had made their beloved nation. Many Indians decided to willingly learn English and other foreign languages. When the British backfired on their promise to give independence after the war, a new zeal erupted among the Indians to free the nation from Britain.
India learnt that Britain was untrustworthy:
The Indian dominion actively participated in the war. Offers of financial and military help were made from all over the country. Hugely wealthy princes offered great sums of money for the war effort. 47,476 soldiers were martyred with 65,000 wounded.
In spite of such overwhelming support, the British ungratefully denied the promised Independence to India. They instead introduced Dyarchy form of government which is basically allowed Indians to form provincial administrations democratically while Britain still handled the Centre. Unfair laws such as the Rowlatt Act (arrest without warrant) and atrocities like the Jallainwala Bagh Massacre were committed. The Indians were betrayed. The thirst for freedom became very high. Radical leaders such as Gandhi, Nehru, Sardar Patel, Bose appeared on the scene and ignited the fire in the masses. World War I marks the last instance where India willingly cooperated in British endeavors.
It fostered unity among the Indians:
India, both its people and economy was devastated after World War I. The Indians had realized that the British had royally taken them for a ride and they too foolishly fell for it. They also realized that the British were trying to ‘divide and rule’ India. Therefore a sense of unity especially between the Hindus and Muslims prevailed. By the Lucknow Pact of 1916, the Congress and the Muslim League agreed to fight for the one cause of independence of the nation
India came to know that Britain wasn’t invincible:
After the British mercilessly crushed the Great Revolt of 1857, all hopes of freedom were lost. This feeling more or less continued until when the Indian soldiers returned from the war, many Indians got to know that Britain was severely weakened by the war. Britain had too many colonies in different parts of the world all demanding independence at the same time. Also India came to know that Britain was running purely on Indian fuel. Therefore the Indians now felt empowered realizing that all along, Britain was actually under their power. The success of the Quit India Movement, Salt Sathyagraha, Civil Disobedience Movement, Non Cooperation Movement all stand testimony to this fact.
Economic Impact:
India was near bankrupt after World War I. The Great Depression which followed it made the situation much worse. To save Britain from the depression Government of British India ordered for a protective trade policy, which was just in the interest of England but not for India. The sea based trade was drastically reduced while the agricultural sector was crippled. The ambiguous policies that were adopted by the British Governance in India and the international recession lead to very high inflation as the prices sky-rocketed for various goods and services. The high prices which would then be subjected to very heavy taxes laid by the government made Indians suffer heavily. The Great Depression took a huge toll on the farmers as they had to sell their possessions like gold and silver at petty rates just to survive. Such was the dire state of post World World War 1 India.....
Thus not only World War I, the war which followed too had a great impact on Indian history, both positive and negative.
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#food scarcity
#many died who went from India
#tax increased in India, people couldn't pay it
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