act
4.12 Economic Transformation of India
- Economic favouritism - Ex Tea plantation in Assam
- Native investors ignored
- Inland Emigration Act 1859 made sure a steady supply of labour
- Coal mining Br capital dominated
Role of Indian Investors/Industiralists
- TISCO started produced 66% locally consumed steel
- Ltd growth potential, no gov intervention
- IN investors operated in sectors where risks to high or return too low
Views
Rajat Ray : called it imperial division of economic space
Anand Yang : these sectors provided profitable ground for indegenous bankers
Inter War Period Factors that Affected Industrial Enterprise
- Tendency towards import substitution in consumer goods
- Attention towards domestic market
- Growth in internal trade
- Shift of traditionally accumulated capital through trade
- Moneylending
- Outflow of foreign capital
- @ Rupee collapsed Dec 1920 -> hurt importers, helped exporters, wartime tax, currency fluctuation, wartime boom collapsed in 1921-22 - slump in industry, unsold stocks, rising labour cost.
- Cotton protection act 1930 raise cotton duties to non-B goods.
- Artificially fixed rupee sterling -> Hilton Young Comm 1926
Views
- Sumit Sarkar : 1930 depression created a groundswell opinion to participate in CDM
- Aditya Mukherjee : by 1944 the control of Indian capital in smaller industries was absolute
- Indian controlled areas were Sugar, paper, cement, iron, steel, Also in finance, insurance, jute, mining, plantation.
- They Consolidated their position in traditional areas like Cotton.
Organisations Formed
- Bengal National Chamber of commerce 1887
- Merchants Chamber Bombay 1907
- 1921 ASSOCHAM
- FICCI 1927
Views
- Bipan Chandra : Indian capitalist class had long term contradiction w/ imperialism, while retaining relationship of short term dependence on and accommodating w/ it
- Maria Misra : attitude of B capitalist was insistent on their racial exclusivism and autonomy that hardened towards their IN counterpart
- Markovits : participation of Businessmen was more complicated
PYQ
- Trace the industrial growth of British India after the First World War. How did the Government's tariff policy influence the growth? [1983, 60m]
- TISCO started produced 66% locally consumed steel
- Identify the main features of industrial development in India from 1914 to 1947 with special reference to the emergence of a class of factory laborers. [1989, 60m]
- Economic Transformation of India
- Identify the distinct stages of colonialism in India. How did these stages affect the Indian economy? [1991, 60m]
- Refer Rajiv Ahir
- How do you account for the rise and growth of the Business enterprise in India during the first half of the 20th century? [1994, 60m]
- European Business enterprise and its limitations
- Economic Transformation of India
- Economic changes in India from the late 1920s influenced the course of the country's politics. Elucidate. [1995, 60m]
- Inter war period factors that affected industrial enterprise