Question

what is mean by Indian economy at the time of independence ( long Answer )​

Answer 1

Explanation:

At the time of independence, India had a population of 340 million. Its literacy level was also alarmingly low pegged at around 12 per cent. ... When India declared its independence in 1947, its GDP was a mere 2.7 lakh crore accounting for a paltry 3 per cent of the world's total GDP.

During the decades of British colonial rule in India, there were no efforts made to calculate India’s per capital income. Similarly, the British rulers never found it necessary to calculate our National Income or our Gross Domestic Product. Upon gaining independence, some Indian individuals did try to measure India’s incomes. But the attempts tragically failed due to inconsistency, lack of expertise and inaccuracy. But the contributions of VKRV Rao and Dadabai Naoroji was very significant in this field.

Our economy had been a victim of enormous exploitation. Our natural resources, iron ores, gold mines, wealth and manpower was subject to intense exploitation. Due to these atrocities, the Indian economy on the eve of independence showed poor/low economic growth. Immense efforts and knowledge were essential in order to move ahead.

Although India was a very independent economy before the British rule, towards the end, it was exhausted. The Indian economy on the eve of independence was struggling to find the path. Since all the policies that the British were framing only promote their interests, we were diverging from prosperity. We were mere raw-material suppliers to the British. They made use of our labour without treating them well. The 200 years of British rule also took away our will to gain knowledge and awareness. Since we were their slaves, we never got the right to proper education. And as a result of these actions, towards the end of their reign, we were illiterate. The Indian economy on the eve of independence was full of people who had absolutely no plan as to how to help the nation.

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