what were the economic and social impact of company rule in India?
Answers
Answer:
India was transformed into a supplier of raw materials and a market for British manufactured goods. ... Thus, the self-sufficient economy of India collapsed under the impact of British colonial policies. With the decline of the cotton industry, the towns that had flourished as centres of trade or industry also declined.
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Answer:
Impact on Economy:
1. Commercialisation of Agriculture. They were forced to produce cash crop like cotton, jute etc. in lieu of food crops.
2.Company servants had the monopoly of market and they manipulated the price of commodity which forced them sell their Agricultural products at low cost.
Extremely high land revenue were imposed on peasants in form of different revenue systems which left them to do Agriculture barely at subsistence level.
3.British has gone through industrialisations during 18th century which enabled them to produce goods by using machines. Those machine made products are flooded into Indian markets through free trade. Indian products gradually lost its market.
4.Trade policy has been made deliberately to avert the growth of Indian handicrafts in foreign markets. Higher import duty has been imposed on Indian products which makes the Indian products unable to compete other products which ultimately causes deindustrialisation.