what were the notable economic features of india after the end of british rule explain any two of them
Answers
Answer:
Company official John Sullivan observed in the 1840s: 'The little court disappears - the capital decays - trade languishes - the capital decays - the people are impoverished - the Englishman flourishes, and acts like a sponge, drawing up riches from the banks of the Ganges, and squeezing them down upon the banks of the Thames'. India that the British East India Company conquered was no primitive or barren land, but the glittering jewel of the medieval world. Its accomplishments and prosperity - 'the wealth created by vast and varied industries' - were succinctly described by a Yorkshire-born American Unitarian minister, J. T. Sunderland. At the beginning of eighteenth century, as the British economic historian Angus Maddison has demonstrated, India's share of world economy was 23 per cent, as large as all of Europe put together. By the time the British departed India, it had dropped to just over 3 per cent. The reason was simple: India was governed for the benefit of Britain. Britain's rise for 200 years was financed by its depredation in India."
— Shashi Tharoor, The Looting of India, Inglorious Empire: What the British Did to India (2017)[5]
Explanation:
The Indian economy under the British Raj describes the economy of India during the years of the British Raj, from 1858 to 1947. According to historical GDP estimates by economist Angus Maddison, India's GDP during the British Raj grew in absolute terms but declined in relative share to the world.[1]
From 1850 to 1947 India's GDP in 1990 international dollars grew from $125.7 billion to $213.7 billion, a 70% increase or an average annual growth rate of 0.55%. This was a higher rate of growth than during the Mughal era from 1600 to 1700 where it had grown by 22%, an annual growth rate of 0.20%. Or the longer period of mostly British East Indian company rule from 1700 to 1850 where it grew 39% or 0.22% annually.[1] By the end of British rule India's economy represented a much smaller proportion of global GDP. In 1820 India's GDP was 16% of the world total, by 1870 it had fallen to 12% and by 1947 had fallen further to 4%. India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population. From 1850 to 1947 India's GDP per capita had grown only slightly by 16%, from $533 to $618 in 1990 international dollars.[2]
The role and scale of British imperial policy on India's relative decline in global GDP remains a topic of debate among economists, historians and politicians. Many commentators argue the effect of British rule was highly negative, that Britain engaged in a policy of deindustrialisation in India for the benefit of British exporters, leaving Indians relatively poorer than before British rule.[3] Others argue that Britain's impact on India was either broadly neutral or positive, and that India's declining share of global GDP was due to other factors, such as new mass production technologies being invented in Europe
This pdf will help you !
If you find it helpfull, plz mark me as brainliest !!!