Indian Economics Lesson -1 Commerce Notes | EduRev

Commerce : Indian Economics Lesson -1 Commerce Notes | EduRev

The document Indian Economics Lesson -1 Commerce Notes | EduRev is a part of Commerce category.
All you need of Commerce at this link: Commerce
BACKGROUND CHECK: BRITISH RULE IN INDIA 
COLLIDED WITH THE INDUSTRIAL REVOLUTION IN 
BRITAIN. 
Feature of Indian economy on the eve of independence: 
1. Stagnant economy: There was very slow or no economic growth in the country. As 
the result of stagnation there was unemployment, death and suffering due to lack of 
food. 
2. Backward economy: Indian economy was a backward and per capita income was 
very low and in India it was just Rs. 230 from 1947-1948. 
3. Agricultural backwardness: With 70% people engaged in agriculture, its 
contribution in GDP was only 50%. Productivity and production too were extremely 
low. 
4. Industrial backwardness: Industrial sector was not developed, there was lack of 
basic and heavy industries in the country. 
5. Widespread Poverty: The people in the country could not even meet their basic 
needs i.e food, shelter and clothing. Unemployment and Illiteracy were other issues 
faced by the country. 
6. Poor Infrastructure: Infrastructure like communication, transport, power or energy 
was underdeveloped. 
7. Major dependence on imports: As a result of industrial backwardness in the 
country several consumer goods like medicines were imported from abroad. 
8. Limited Urbanisation: Majority of the population lived in villages meaning that they 
lacked opportunities outside agriculture. 
9. Colonial economy: As India was a British colony, Britishers exploited Indian 
economy for their own benefits
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