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Decline of Indian handicrafts

and progressive Ruralisation

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

Structure and Organisation

of Villages/Towns

Indian economy

on the eve of independence

Myth: India has never been an industrial country

Group G1:

Amit Kumar Pansari,

Goutham K S,

Ipsita Ghosh,

Nikhil A Baid,

Sanjeeth Vegais

  • Muslin of Dacca (Dhaka)
  • Calicos of Bengal
  • Saris of Banaras
  • Chintzes of Lucknow
  • Shawls of Kashmir
  • Marble-work, Stone-carving, Jewellery

Prof. Sankalpa Bhattacharjee

Macroeconomics Group Project, Term 2, Oct - Dec 2011, TAPMI

British Rule divided

into two Epochs

1757-1858:

Rule of East India Company

Land System

Evolved for Bombay and Madras states

and subsequently extended to NE and NW

  • 1792 - Ryotwari Settlement

  • 1794 - Permanent Settlement (Zamindari System)

Tariff imposed to protect their

woollen and silk manufactures

Private Enterprise

and Industrial Growth

Famine

Unavailability of Transport

1850-55: Establisment of

  • First Cotton mill
  • First Jute Mill
  • First of Coal Mine
  • First Railway line

Localised Scarcities

(known as food famines)

1858-1947

Rule of British Government

Famine - known as

Purchasing Power Famine

Commercialisation of Agriculture -

Production of crops for sale rather

than for family consumption

Decline of Indian handicrafts

and progressive Ruralisation

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

  • Hoarding and speculation in lieu of shortage of food
  • Govt did not decrease exports even in lean years

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

1765

1858

1942

1943

1860

1908

Foreign Investments

Two major forms of investment

Private Enterprise and

Industrial Growth

Direct Private foreign investments

Sterling loans given to British govt in India

Summary

  • Remained primarily an agriculture and it became commercialised
  • Was industrially advanced country initially and not alloweded to modernise in later years
  • Had discriminating policy with imperial preference
  • Infrastructure was developed to exploit natural resource
  • Economy was drained by payments for home charges and wars

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

(cr)

Exploitation through payments for the costs of British administration

  • Home charges to Britain account amounted 43 crores in 1931

RBI's first census (1948): Foreign business investment

Source:

  • Wikipedia- Timeline of Indian economy
  • economywatch.com

References:

  • http://www.economywatch.com/economic-statistics/economic-indicatorshttp://en.wikipedia.org/wiki/Timeline_of_the_economy_of_India
  • http://ccs.in/ccsindia/policy/hist/studies/wp0025.pdf
  • Indian Economy on the Eve of Indepedence

Thank You !

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