Short note on drain of wealth
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The constant flow of wealth from India to England for which India did not get an adequate economic, commercial or material return has been described by Indian national leaders and economists as ‘drain’ of wealth from India. The colonial government was utilizing Indian resources- revenues, agriculture, and industry not for developing India but for its utilization in Britain. If these resources been utilised within India then they could have been invested and the income of the people would have increased.The drain of wealth was interpreted as an indirect tribute extracted by imperial Britain from India year after year.
Short note on drain of wealth ?
Short note on drain of wealth :
Drain of Wealth refers to the continuous effect of India's national wealth and property, which went from India to England but did not return anything from England.
The theory of drain of wealth was propounded by Dadabhai Naroji in the 19th century. This was the period of colonial rule, when the British ruled India and exploited Indian resources. He would have taken money and property from India in the form of raw materials and other resources, but in return India did not get anything of that value.
British and European traders wanted gold in India to buy Indian cotton and silk but later they stopped bringing gold as well. England started taking raw materials for the industrial revolution from India but India did not get anything in return. In this way, India's wealth and wealth kept going out of India and India's resources kept decreasing, this is called Drain of Wealth.
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