State three features of Indian economy at the time of independence
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Answer:
The Indian economy on the eve of independence suffered and continues to suffer the effects of zamindari system. In this system, the main focus of the landlords is to extract rent regardless of the economic conditions of the farmers. ... Hence, the stagnation or retardation of the Indian agricultural sector.
Not only was the industrial and agricultural sectors of the country affected but so was the foreign trade. Foreign trade plays a crucial role in the development and earnings of a country. Although it is great to be a self-sustaining and independent country, foreign trade and globalization are critical to a country’s success. Indian economy on the eve of independence in relation to the foreign trade was very poor. Due to the rules imposed by the British, none of India’s products or skills had any recognition. And hence, adversely affecting the structure, composition and volume of the country’s foreign trade and income.
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