In summary...
The political state of India was unstable before Industrialisation since the country was divided into smaller states and has a centre-state division setting the economic policies. This urban, poor country India between the times of the two world wars, the community and nationalism took a massive turn in India’s history leading to emergence mass movements as well as widespread of political action. The recent progress of India of growing its economy is based from the political reforms undertaken after the 1991 fiscal crisis, which with in decades under socialist rule, offered opportunities to improve the living conditions of the immensely poor country. The economic development in India was rather slow but a continuing progress during the 20th century, as conditions prior (18th and 19th century) was a terrible time period in Indian history (150 years of terrible instability). The political condition during the 20th century in India was highly unstable which lead India to start its quest for industrial development after its independence.
India was witnessing the rise of its new ruler in the form of Europe's East India Company under the British Government. During the Industrial Revolution (1760-1840) in Europe, Indian states such as Bengal, United provinces, Madras, Orissa, Bombay and Mysore came under the direct control of East India Company.
The political ruler during this time period, the first prime minister after the independence of India from the British Empire was sir Jawaharlal Nehru, who ruled from 1947 to 1964, his ideal was to use industrialisation as the key to alleviate the poverty line of India of the mass population of nearly 1.8 billion. His understanding of industrialisation was that not only will it eliminate poverty, but will also regain political sovereignty, and offer external economies benefit from technical progress. This idea, not only brought Industrialisation to India, but the factor of India being colonised by the British Empire, brought goods, machines, and leading to international trades between neighbouring countries of India, increasing trade controlled by the central government, regulating problems in the outcome of goods, taxed agriculture, limiting export, skewing terms of trade, emphasizing import substitution and giving priority to heavy industry. At the time of the rule of The East India Company, the British government regulated affairs, number of laws were passed like the permanent settlement act in Bengal, fixed revenue was increased from agricultural lands from the landlords and peasants.
As India was colonised by India during the time period of mid 1800s, many revolutions had industrialised most of the western world, Britain were believed to have abandoned mercantilism and practise “free trade” with no tariffs or quotas or restrictions. Around 1858, post independence, British declared as a colony and started building its infrastructure by modernising ports, railroads, telegraph and also dismantling India’s textile industry as it was a stronger direct competitions with Britain’s textile industry. The Industrial revolution had also turned England as the world’s workshop where India was the major supplier of raw materials.
The following of Importing was a strategy that substituted, to lessen the dependence of foreign countries, as well as make the country self-sufficient in heavy and capital goods industry. There was a very restrictive import policy and vigorous export promotion policy adopted which lead to a long lasting solution to balance the payment problem. It increased allocation of raw material to export oriented industries. According to India’s foreign relations, majorly being China, United States of America and Great Britain, according to all 3 of these nations, they have greatly benefitted through India’s participation in trade since the foreign police had been enforced in the mid 20th century. One of the main reasons for economic development in India was because India idealised, natural resources of the world are not evenly divided amongst the nations of the world and countries need to depend upon one another for the exchange of their surpluses with the goods, hence the need for foreign trade is natural.
India was witnessing the rise of its new ruler in the form of Europe's East India Company under the British Government. During the Industrial Revolution (1760-1840) in Europe, Indian states such as Bengal, United provinces, Madras, Orissa, Bombay and Mysore came under the direct control of East India Company.
The political ruler during this time period, the first prime minister after the independence of India from the British Empire was sir Jawaharlal Nehru, who ruled from 1947 to 1964, his ideal was to use industrialisation as the key to alleviate the poverty line of India of the mass population of nearly 1.8 billion. His understanding of industrialisation was that not only will it eliminate poverty, but will also regain political sovereignty, and offer external economies benefit from technical progress. This idea, not only brought Industrialisation to India, but the factor of India being colonised by the British Empire, brought goods, machines, and leading to international trades between neighbouring countries of India, increasing trade controlled by the central government, regulating problems in the outcome of goods, taxed agriculture, limiting export, skewing terms of trade, emphasizing import substitution and giving priority to heavy industry. At the time of the rule of The East India Company, the British government regulated affairs, number of laws were passed like the permanent settlement act in Bengal, fixed revenue was increased from agricultural lands from the landlords and peasants.
As India was colonised by India during the time period of mid 1800s, many revolutions had industrialised most of the western world, Britain were believed to have abandoned mercantilism and practise “free trade” with no tariffs or quotas or restrictions. Around 1858, post independence, British declared as a colony and started building its infrastructure by modernising ports, railroads, telegraph and also dismantling India’s textile industry as it was a stronger direct competitions with Britain’s textile industry. The Industrial revolution had also turned England as the world’s workshop where India was the major supplier of raw materials.
The following of Importing was a strategy that substituted, to lessen the dependence of foreign countries, as well as make the country self-sufficient in heavy and capital goods industry. There was a very restrictive import policy and vigorous export promotion policy adopted which lead to a long lasting solution to balance the payment problem. It increased allocation of raw material to export oriented industries. According to India’s foreign relations, majorly being China, United States of America and Great Britain, according to all 3 of these nations, they have greatly benefitted through India’s participation in trade since the foreign police had been enforced in the mid 20th century. One of the main reasons for economic development in India was because India idealised, natural resources of the world are not evenly divided amongst the nations of the world and countries need to depend upon one another for the exchange of their surpluses with the goods, hence the need for foreign trade is natural.