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The Company Rule in India refers to areas in the Indian subcontinent which were under the rule of British East Indian Company.The East Indian Company began its rule over the Indian subcontinent starting with the Battle of Plessey, which ultimately led to the vanquishing of the Bengal Subah and the founding of the Bengal Presidency in 1765, one of the largest subdivisions of British India.
[6] It should be noted, however, that Britain had the world's most industrialized economy and had many sources of income outside of India. Under British rule, India's share of the world economy declined from 23% at the beginning of the 18th century down to just over 3% when India gained independence. In 1700, that figure had been 27%. [6]
India experienced deindustrialisation and cessation of various craft industries under British rule, [12] which along with fast economic and population growth in the Western world, resulted in India's share of the world economy declining from 24.4% in 1700 to 4.2% in 1950, [13] and its share of global industrial output declining from 25% in 1750 ...
During this period, British foreign and economic policies began treating India as an unequal partner for the first time. [16] 1850 The gross domestic product of India in 1850 dropped to 5–10% and was estimated at about 40 per cent that of China. British cotton exports reach 30 per cent of the Indian market by 1850. [17]
Under British rule, India's share of the world economy declined from 24.4% in 1700 down to 4.2% in 1950. India's GDP (PPP) per capita was stagnant during the Mughal Empire and began to decline prior to the onset of British rule. [144] India's share of global industrial output declined from 25% in 1750 down to 2% in 1900. [126]
The term "Licence Raj" is a play on the "British Raj" which refers to the period of British rule in India. It was coined by Indian independence activist and statesman Chakravarti Rajagopalachari, who was strongly opposed to the system of strict government control and regulation of the economy that it represented. Rajagopalachari believed that ...
His thesis on de-industrialization of India under the British rule remains forceful argument in Indian historiography. [citation needed] To quote him: India in the eighteenth century was a great manufacturing as well as great agricultural country, and the products of the Indian loom supplied the markets of Asia and of Europe.
A map of British India in 1909. The Great Depression in India was a period of economic depression in the Indian subcontinent, then under British colonial rule. Beginning in 1929 in the United States, the Great Depression soon began to spread to countries around the globe.