on the eve of independence Indian economy was under developed and feudal economy. justify the given statement
Answers
Answer:
become familiar with the state of the Indian economy in 1947, the year of India's Independence understand the factors that led to the underdevelopment and stagnation ... following way: “The knowledge I have acquired ...
Answer:
The primary objective of this book,
Indian Economic Development, is to
familiarise you with the basic features
of the Indian economy, and its
development, as it is today, in the
aftermath of Independence. However, it
is equally important to know something
about the country’s economic past even
as you learn about its present state and
future prospects. So, let us first look at
the state of India’s economy prior to the
country’s independence and form an
idea of the various considerations that
shaped India’s post-independence
development strategy.
The structure of India’s presentday economy is not just of current
making; it has its roots steeped in
history, particularly in the period when
India was under British rule which
lasted for almost two centuries before
India finally won its independence on
15 August 1947. The sole purpose of
the British colonial rule in India was
to reduce the country to being a raw
material supplier for Great Britain’s
own rapidly expanding modern
industrial base. An understanding of
the exploitative nature of this
relationship is essential for any
assessment of the kind and level of
development which the Indian
economy has been able to attain over
the last six and half decades. 1.2
1.2 LOW LEVEL OF ECONOMIC
DEVELOPMENT UNDER THE
COLONIAL RULE
India had an independent economy
before the advent of the British rule.
Though agriculture was the main
source of livelihood for most people,
yet, the country’s economy was
characterised by various kinds of
manufacturing activities. India was
particularly well known for its
handicraft industries in the fields of
cotton and silk textiles, metal and
precious stone works etc. These
products enjoyed a worldwide market
based on the reputation of the fine
quality of material used and the high
standards of craftsmanship seen in all
imports from India.
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