Indian Economy during the British Era
Indian Economy during the Colonial Era
At the time of independence, Indian economy was poor and underdeveloped. More than two centuries of foreign rule had made the country impoverished and caught up in a vicious circle of poverty with little hope of rising again to the level of prosperity the country enjoyed during centuries prior to the arrival of the British traders who later on turned into rulers and exploiters. Indian economy then was characterized by one of the lowest per capita income and consumption levels amongst the countries of the world in which almost 85 per cent of the inhabitants were turned into the ‘hewers of wood and drawers of water.’ The vicious circle of poverty which followed a circular ...