On the eve of independence Indian economy was in very bad shape due to the presence of British colonial rule. The sole purpose of the British colonial rule in India was to reduce the country to being a feeder economy for Great Britain’s own rapidly expanding modern industrial base.
What was the state of the Indian economy on the eve of Independence?
The Indian economy was an agro-based economy on the eve of independence. 75% of the Indian population was earning a livelihood from agriculture. Despite being a primary source of income for a major population, this sector faced a decline under the British rule.
What was the state of economy at the time of independence?
At the time of independence, Indian economy was predominantly agricultural economy. irrigation purposes. No improved methods of production were used to cultivate crops. to Pakistan due to partition and Indian economy left with agriculturally deficient regions.
Why was Indian economy called an agricultural economy on the eve of Independence?
On the eve of independence, our Indian economy was known to be in an agro-state. Despite being a primary means of livelihood, India’s agriculture sector was in a rapid decline. One of the main reasons behind it being scattered was land owned by different individuals which made it even harder for cultivation.
What was the state of Indian industry at the time of independence?
The state of Indian Industrial sector on the eve of independence was as follows: (a) De-industrialisation—Decline of Indian Handicraft Industry. Britishers followed the policy of systematically de-industrialising India. … (ii) to sell British manufactured goods in Indian market at higher prices.
What was the state of foreign trade in Indian economy on the eve of 4 Independence explain?
The state of India’s foreign trade on the eve of independence was as follows: Net Exporter of Raw Material and Importer of Finished Goods. India became an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, jute, etc.
What was the state of Indian economy before British rule?
What was the state of Indian Economy before the British Rule? India had an independent economy before the British rule. Agriculture was the main source of livelihood for majority of population, even though the country’s economy was characterised by various kinds of manufacturing activities.
What was the state of industrial sector of the Indian economy on the eve of independence Brainly?
The following was the condition of the industrial sector on the eve of independence. The decay of the Handicraft Industry. The traditional handicraft industry in India initially was in high demand. But the British rule completely discriminated the practice.
What was the condition of the Indian industries on the eve of independence?
(i) The role of the public sector in development of industries was restricted to the railways, power generation, communications, ports and some other departmental undertakings. There was no growth of industrial base in India. (ii) The traditional handicraft industries were decaying.
What was the condition of industrial of India at the eve of independence?
Indian economy on the eve of independence lacked modern machinery and equipment. The Industrial Revolution in Britain gave stiff competition to India’s handicraft sector and hence due to better quality of goods that can be produced at lower costs by machines; it forced the Indian handicraft industry to shut down.