What was the role of the political power during industrialisation for India’s economic development?
As these foreign policies were enforced, this greatly brought a great growth in the economy of India but also at the same time to avoid full dependence on other countries for trade – 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. With this increase of industrial production, industrialists of Great Britain visualised India as a vast market for for their manufactured goods, and over time these industrial products from Great Britain began engulfing India. The Industrial revolution had also turned England as the world’s workshop where India was the major supplier of raw materials. India’s large population of three hundred million people also was one of the large potential markets for British-made goods. There were many benefits of this foreign policy one of the main ones being to enhance economic growth by providing raw material, intermediates, consumable and capital good for production and derive maximum benefit from expanding globally.