What was the condition of Indian economy before the British rule?
Indian economy, during the pre-British period, consisted of backward, isolated and self sustaining villages on the one hand and on the other hand, there were number of towns which were the seats of administration, pilgrimage, commerce and handicrafts.
What are the features of Indian economy before colonial rule?
A balance of the imports and exports was maintained. The items imported into India were pearls, wool, dates, dried fruits–and rosewater from the Persian gulf, coffee, gold drugs and honey from Arabia, tea, sugar and silk from China, gold musk and woolen cloth; metals like copper, iron and lead, paper from Europe.
What is the condition of Indian economy?
India Economy Data
|GDP (USD bn)||2,096||2,699|
|Economic Growth (GDP, annual variation in %)||8.0||6.1|
|Consumption (annual variation in %)||7.9||7.2|
|Investment (annual variation in %)||6.5||9.8|
What was India like in the 1700s?
The end of the British empire in India
When the British arrived in India in the 1700s they did not find relatively lightly populated lands like they did in Australia or North America. India was highly populated. It was economically developed. There were states with governments that were just as complex as Britain.
What was the condition of Indian Industries at the time of independence?
Thus, at the time of independence in 1947, India was a poor and underdeveloped country. At that time, agriculture was in a poor condition and mineral resources were not fully used. There were only a few industries and many of the cottage and small-scale industries had declined under the British rule.
What was the condition of foreign trade under British rule?
During this period, Britain held the monopoly of over India’s imports and exports. Therefore, most of the foreign trade was restricted only to Britain and other was while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).
What was the economic condition of India after independence?
Since 1947, India has achieved tremendous progress in raising growth, income levels and standards of living. The gross domestic product (GDP) increased from Rs 2,939 billion during 1950-51 to Rs 56,330 billion during 2011-12 (2004-05 constant prices).
What was the condition of Indian economy at the time of independence Class 11?
The Indian economy was a backward economy at the time of Independence: → Low Level of Agricultural Productivity: Over 70 percent of total population of India was engaged in agriculture but the total output was very low. → Industrial Sector: There were not many industries and capital was mostly invested by foreigners.
What was the condition of India after independence?
The nation has faced religious violence, casteism, naxalism, terrorism and regional separatist insurgencies. India has unresolved territorial disputes with China which in 1962 escalated into the Sino-Indian War, and with Pakistan which resulted in wars in 1947, 1965, 1971 and 1999.