ECONOMICS HISTORY OF INDIA (1857-1947) BRITISH TIME PERIOD

INDIAN ECONOMICS HISTORY :

India became a British colony following the 1857 uprising.British East India Company was set up to dominate India through its clever use of political strategy, military force. In 1858 India became a colony of the British Empire. Under the British rule, India suffered poverty, famine and lack of freedom which ultimately led to the Indian struggle for independence. The first Module therefore gives an overview of the Indian economy prior during British rule.

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British period & Indian economy:

The Economy of India during the colonial era describes the economy of India during the years of the ‘British Raj’ from 1750- 1947. During this period, the Indian economy’s share of the world economy declined from 22% to 1-3%.

India in the pre colonial time had a stable ,efficient economy. There was adequate agricultural, trade – vast handicraft industries. The landowners were not landlords they only had the right to collect the taxes from the workers. India had large trade both within countries of Asian and Europe. There was a balance in imports and exports, the items imported in India were dried fruits, wool, dates , rosewater from Persian gulf; gold, coffee, honey from Arabia; silk, tea, sugar from China; paper, iron, copper, from Europe.

Structure of villages and town

Indian Economy in the pre – British period consisted of two divisions, namely a) Isolated & self-sustaining villages b) Towns which took care of Administration, Commerce , Handicrafts. The means of transport & communication were highly underdeveloped as the size of market was small.

  • Cobblers
  • Weavers
  • Goldsmiths
  • Carpenters
  • Potters
  • Oil Pressers
  • Washer men
  • Barber
  • Surgeons

The structure of Villages 

Three distinct classes existed in villages that were;Agriculturist; Hand–owning and Tenants.

Labor & capital needed was supplied by producer themselves out of their saving or village landlord or village money lenders. Credit agencies gave credit at exorbitant rates of interest. Only source of credit for peasants & artisans were money lenders and the peasants were forced to depend on the money lenders. Artisans & menials were mere servants of the village

Economic Consequences of British Conquest :

The British  rule can be divided into particular period of time; first the rule of East India Company ranging from 1757 to 1858.Second was the rule of the British government in India from 1858 to 1947. British conquest started in 1757 with the battle of Plassey and completed in 1858, during this period the British changed the techniques of production. The industrial revolution helped the British to sell machine made goods give great competition to Indian handicrafts. The British conquests led to break down of the village community partly by introduction of new land revenue system by the process of commercialization of agriculture

Impact of colonial rule of British on India agriculture

Agriculture was the one of essential and main stay of Indian economy. About 80% people were used to cultivate either as principal or secondary occupation. About 70% of the national income used to came from this agriculture side. Agriculture productions were mainly food grain and other crops such as oil seed, sugar cane used for domestic consumption, fiber crops and many more.

Process of Industrial Transition, Colonialism and Modernization

Tariff protection to Indian industries–  In 1923 the government  accepted the recommendations of the first fiscal commission  to gave protection to selected Indian industries against foreign competition. Between 1924 and 1939 several major industries were given protection  the government prominent among them being iron and steel industry , cotton mills , jute , sugar , paper ,pulp industry , matches etc . Indian industrialists took advantage of the policy of protection extended  the government ,developed the protected industries rapidly. They were able to capture the entire Indian market and eliminate foreign competition altogether in important fields.

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5 Most Richest Country In The World

The richest countries in the world measured in terms of GDP( Gross Domestic Product).  GDP is the total markets value of all goods and services produced in a country in year. The richest countries are fully developed and the citizens of that country has standard of living like need of Human rights,medical facilities , education,Proper Drinking water ,Equivalence  atmosphere between political parties. Top 5 richest country in the world -Qatar : Luxembourg:  Singapore: Norway:Kuwait

 

 

  Qatar : Arab nation: GDP  per capita  ($129,076,88)

Qatar  Officially  the state of Qatar is a sovereign country located in the South – west Asia..Capital of Qatar is a Doha . In Qatar Qatari Riyal use as a currency. State of Qatar is a high income economy and has per capita  income in the world .The worlds 3 largest oil and natural gas  reverses accounts for 70%of its government revenue , 60%of its GDP ,85% of its export earning .It  has a fame of having standard of living with lowest tax in the world for its citizens . The country has vast land making it an attraction for investment. Income resources –Crude oil production and refining, Ammonia fertilizers ,steel plants,Bars , commercial ship repair .Qatar,s proved reserves of natural gas.GDP- 13% .Qatar is the richest country in the world and home to the 2022 FIFA  CUP,the first Arab nation to ever hold this role.

 

 

Luxembourg; Europe Country  GDP per  Capita  ($100,991)

Luxembourg is a land locked country in Western Europe .Officially called THE Grand  Douchy  Of L Luxembourg .Capital of   Luxembourg is  Luxembourg City.Euro is main currency of Luxembourg. Luxembourg with just half a million population rank number second  in list of richest country has per capita is ($100,991) which is 9 times of the world average . The nation  is the 2 largest investment fund centre ,high-income market with low inflation and high innovation .Luxembourg known as “ Green heart of Europe ”. Financial sector ,Dynamic industrial, steel , Banking the backbone of this strong economy.Banking in L Luxembourg is a largest of its with an asset of base over $1.24 trillenalone. Income resource – banking ,Iron steel  Telecommunications industry ,Agricultural.28 %of GDP  remunerated for the decline in steel.Average GDP IS 0.9%.Due to attractive corporate tax laws ideal place for headquarters of many international companies.

 

 

Singapore: Asian Country GDP  per capita ($85,00

Singapore is a modern city-state located in South East Asia.Officially known as The Republic of Singapore.The capital city of Singapore is the city of Singapore city.Singapore known for as the Lion city, The Red  Dot ,The Garden city .Currency of Singapore is Singapore Dollar.Singapore ,one of the cleanest cities in the world with best air port in the world.Tourism is the main source of revenue for this country its boost its GDP.Singapore one of the highest business earing Tycoons countries in the world .The country relevant to invest  as it has attractive investment climate ,stable political that makes per capita income 3 highest country in world. Income resource – Biotechnolgy ,Banking ,Exports Electronics ,Energy.Singapore is  also shipping and transportation hub for Asia.Tourism spot like  Woodlands ,Tengeh Reservoir as numerous  visit all over world.It is a second largest busiest port in the world .of It is a small country with 5.5 Million  population a huge percentage Buddhism followed.

 

 

Norway: Europe country GDP per capita ($99,500)

Norway is a sovereign country located in North  of Europe .officially is known as The  Kindom of Norway. Capital of Norway is Oslo.Currency of Norway is known as Norwagian Krone.Commonly known as Land of rising of sun .Norway has been in the list of richest country because of its well-developed economical industry .Norway  4 richest country in the world ,3 biggest exporter of natural gas,7 largest oil exports in the world.It has created  multiple jobs,provide educations and medical facilities to the individuals.  Norway is one of largest and most influential financial markets. Income resources Tourism, exporter of Natural gases, Minerals,Sea food .Today GDP Stands ($95,000) fellow independent monetary policy.

 

 

Kuwait:Asia country GDP per capita  ($73,298)

Kuwait is an Arab country located in the Western region of Asia. Kuwait officially known as The State of Kuwait currency is The Kuwaiti dinar is the highest –valued currency unit  in the world . Capital of Kuwait is Kuwait city. One of the 5 richest country in world( $73,298).It has petroleum –based economy as 6 largest petroleum reveres account for half of GDP .Kuwait  crude oil reserve which ate about 102 billion barress.It gives best job chance to individual of whole world.Income resources – Toursim ,water desalination ,Oil reserves 95% export revenues and government income .In early days little diversity in economics due to positive fiscal situations.It is also ruled by a stable monarchial government which conduct all  the country affairs .