Indian Economy on the Eve of Independence:

1. Agriculture-Based Economy:
The Indian economy was primarily an agriculture-based economy with more than 70% of the population involved in agriculture. The agricultural sector contributed about 50% to the GDP of India.

2. Primitive Technology:
The technology used in the agricultural sector was primitive and outdated. The use of modern machinery and techniques was limited, leading to low productivity.

3. Industrial Backwardness:
The Indian economy was characterized by industrial backwardness with hardly any modern industries. The few industries that existed were controlled by foreign interests and were mainly export-oriented.

4. Lack of Infrastructure:
The infrastructure in India was inadequate with poor transportation, communication, and power facilities. This lack of infrastructure hindered the growth of industries and commerce.

5. Poverty and Unemployment:
India was plagued by poverty and unemployment. The majority of the population lived in rural areas and were engaged in subsistence farming. The lack of job opportunities in the industrial sector led to unemployment.

6. Foreign Domination:
The Indian economy was dominated by foreign interests, mainly British. The British exploited the Indian resources and sent the profits back to Britain leading to the depletion of Indian wealth.

7. Currency Instability:
The Indian currency was unstable with frequent fluctuations in its value. The Indian rupee was pegged to the British pound, leading to a lack of control over the monetary policy.

8. Limited Trade:
The Indian economy had limited trade, both domestic and international. The trade was mainly in agricultural products, raw materials, and handicrafts.

Conclusion:
In conclusion, the Indian economy on the eve of independence was characterized by agricultural-based, industrial backwardness, lack of infrastructure, poverty, and unemployment. The economy was dominated by foreign interests, and the currency was unstable. However, the stage was set for growth and development with the potential for significant progress in the post-independence period.

@ Colonial Economy
Political dependence led to economic dependence and India as a Colony of British reduced the supply of raw materials and market for British industrial product.
@Semi Feudal Economy
Ownership rights granted to semiconductors and government protection to India immediate release resulted in feudal exploitation.
@Stagnant economy
According to an estimate, the growth in per capita income was about 0.5 % .Small increase in national income was eaten away by increased population the British attitude did not a low the economy to grow and it Virtually remained stagnant.
@Depleted Economy
During World War II Indian industries over time to meet increased demand .As a result of these overtime work machines plants and equipments with subject to heavy wear and tear exhaustion and depletion.
@Amputated Economy
Briyish followed the policy of divide and rule and promoted discrimination between various groups on the basis of religion ,caste, language and culture.They virtually disintegrated the country in which led to backwardness.