Indian economy on the eve of independence Part 1
COLONIAL RULE it refer to a system between 2 countries under which one country being the ruler and another being the colony and the ruling countries determines the economy policy of the colony economy, especially in establishing settlements or exploiting resources. Main objectives of British rule in India The primary objective of British Colonial rule in India was to turn India 1) As a supplier of raw material and 2) As a consumer of finished goods On the eve of independence, India possessed low level of economic development under the colonial rule Before colonial rule 1)Agriculture based economy: 85% population directly and indirectly d epend on agricultural for employment and living . 2)Only those crops were grown that are used for self–consumption and f or village artisans 3)Famous for handicraft industry 4)Enjoy extensive trade in Asia & Europe 5)Independent, self- reliant and prosperous economy. Ancient India was Called a “GOLDEN BIRD on th...