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Economic Transformation of India

Economic Transformation of India

Section titled “Economic Transformation of India”

2020-04-27 15:04:45

  • Economic favouritism - Ex Tea plantation in Assam
  • Native investors ignored
  • Inland Emigration #Act 1859 made sure a steady supply of labour
  • Coal mining Br capital dominated

Role of Indian Investors/Industiralists

Section titled “Role of Indian Investors/Industiralists”
  • TISCO started produced 66% locally consumed steel
  • Ltd growth potential, no gov intervention
  • IN investors operated in sectors where risks to high or return too low

Rajat Ray : called it imperial division of economic space

Anand Yang : these sectors provided profitable ground for indegenous bankers

Inter War Period Factors that Affected Industrial Enterprise

Section titled “Inter War Period Factors that Affected Industrial Enterprise”

  • Tendency towards import substitution in consumer goods

  • Attention towards domestic market

  • Growth in internal trade

  • Shift of traditionally accumulated capital through trade

  • Moneylending

  • Outflow of foreign capital

  • @ Rupee collapsed Dec 1920 -> hurt importers, helped exporters, wartime tax, currency fluctuation, wartime boom collapsed in 1921-22 - slump in industry, unsold stocks, rising labour cost.

  • Cotton protection act 1930 raise cotton duties to non-B goods.

  • Artificially fixed rupee sterling -> Hilton Young Comm 1926

  • Sumit Sarkar : 1930 depression created a groundswell opinion to participate in CDM

  • Aditya Mukherjee : by 1944 the control of Indian capital in smaller industries was absolute

  • Indian controlled areas were Sugar, paper, cement, iron, steel, Also in finance, insurance, jute, mining, plantation.

  • They Consolidated their position in traditional areas like Cotton.

Organisations Formed

Section titled “Organisations Formed”
  1. Bengal National Chamber of commerce 1887
  2. Merchants Chamber Bombay 1907
  3. 1921 ASSOCHAM
  4. FICCI 1927
  • Bipan Chandra : Indian capitalist class had long term contradiction w/ imperialism, while retaining relationship of short term dependence on and accommodating w/ it
  • Maria Misra : attitude of B capitalist was insistent on their racial exclusivism and autonomy that hardened towards their IN counterpart
  • Markovits : participation of Businessmen was more complicated

PYQ

Section titled “PYQ”

  1. Trace the industrial growth of British India after the First World War. How did the Government’s tariff policy influence the growth? [1983, 60m]

  2. Identify the main features of industrial development in India from 1914 to 1947 with special reference to the emergence of a class of factory laborers. [1989, 60m]

  3. Identify the distinct stages of colonialism in India. How did these stages affect the Indian economy? [1991, 60m]

  • Refer Rajiv Ahir

  1. How do you account for the rise and growth of the Business enterprise in India during the first half of the 20th century? [1994, 60m]

  2. Economic changes in India from the late 1920s influenced the course of the country’s politics. Elucidate. [1995, 60m]