What was the problem faced by present in Champaign during British raj
Answers
Answer:During the pre-British period the problem of stagnation, poverty and backwardness of the Indian economy was not so acute. But with the advent of British in India, the economic structure in India had to face a lot of change. Self-sufficient economy of the villages in India had to face a ruin and economic exploitation of the country was initiated with it.
Explanation:About the drain of wealth and capital from India during the British period, Dadabhai Naoroji wrote, “The drain consists of two elements. First, that arising from the remittances by European Officials of their savings, and for their expenditure in England for their various wants both there and in India, from pensions and salaries paid in England; and second that arising from the remittances by the non-official Europeans.”
This sort of economic drain of Wealth from India prevented formation of capital in the country. This drained out capital was brought back by British for setting up industrial concerns in India owned by British nationals. In this way British secured a position of monopoly of all trades and major industries in India.
These industries again drained off Indian capital in the form of interest and profits. Thus these huge economic drains initiated since the inception of British rule worked as a dampener towards the strategy of economic development in India till 1947.
During British rule no official arrangement was made for measuring the national income of India. In the year 1867-68, Dadabhai Naoroji estimated and advanced the Indian national income statistics of the first time. His estimate revealed that the national income of India during that year was Rs 340 crore, total population was 17 crore and the per capita income was estimated at Rs 20. Etc