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First half of 20th century
1905 - Swadeshi movement encouraged indigenous industries
1923 - Tariff protection to selected industries
1939 - New Industries born (war babies)
Exploitation through Trade Policies - clause of imperial preference
British Rule divided
into two Epochs
1757-1858:
Rule of East India Company
Evolved for Bombay and Madras states
and subsequently extended to NE and NW
Tariff imposed to protect their
woollen and silk manufactures
Unavailability of Transport
1850-55: Establisment of
Localised Scarcities
(known as food famines)
1858-1947
Rule of British Government
Demand for raw materials increased
(cotton, jute, sugarcane etc.)
dependent on Agriculture
Percentage of Population
1901
1931
68%
72%
Market Price of commerical
crops increased
1850's
Famine Commision (1898)
identified 2 factors responsible
55%
Fall of Princely States
Hostile Policy
Competition of machine-made goods
Development of new forms and patterns of demand
Production of food crops decreased
Occurence of famines
No Major Famines
Bengal Famine
12 Famines and 4 Scarcities
20 Famines
Two major forms of investment
Direct Private foreign investments
Sterling loans given to British govt in India
Summary
Later half of 19th century
Two prinicipal groups
1. Merchants - Preferred trading to investing
2. Mastercraftsmen - Lack of training and Education
Exploitation through financial capital via managing finance system
Slow Growth
230
72
British
Exploitation through payments for the costs of British administration
RBI's first census (1948): Foreign business investment
Source: