Class 11 Economics - Indian Economic Development - Chapter Indian Economy on the Eve of Independence NCERT Solutions | Indicate the volume and direction
Indicate the volume and direction of trade at the time of independence.
During the colonial rule, the British followed a discriminatory tariff policy under which they imposed heavy tariffs (export duties) on India's export of handicraft products, while allowing free export of India's raw material to Britain and free import of British products to India. This made Indian exports costlier and its international demand fell drastically. India's export basket during the colonial rule consisted mainly of primary products like sugar, jute, silk, etc. and the imports consisted of finished consumer goods like cotton, woolen clothes, etc, from Britain. As the monopoly power of India's export and import rested with Britain, so, more than half of India's trade was restricted to Britain and the remaining imports were directed towards China, Persia, and Srilanka. The opening up of the Suez Canal further intensified the monopoly power of the British over India's foreign trade. It led to the fast movement of goods from India to Britain and vice-versa. The surplus generated from India's foreign trade was not invested in Indian economy; rather it was used for administrative and war purposes. This led to the drain of Indian wealth to Britain.
More Questions From Class 11 Economics - Indian Economic Development - Chapter Indian Economy on the Eve of Independence
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What do you understand by the drain of Indian wealth during the colonial period?
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Critically appraise some of the shortfalls of the industrial policy pursued by the British colonial administration.
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When was India’s first official census operation undertaken?
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Name some notable economists who estimated India’s per capita income during the colonial period?
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Name some modern industries which were in operation in our country at the time of independence?
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Highlight the salient features of India’s pre-independence occupational structure.
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What were the main causes of India’s agricultural stagnation during the colonial period?
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Give a quantitative appraisal of India’s demographic profile during the colonial period.
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What was the focus of the economic policies pursued by the colonial government in India? What were the impacts of these policies?
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Were there any positive contributions made by the British in India? Discuss.
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