The main laws that were enforced were regarding India’s economy, as India’s economy emerged, the foreign relations underwent a major transformation. Before Independence, India didn’t have a clear trade policy as it was still controlled by the British government, only after the independence, a trade policy (part of the economic development policy) was formulated. During industrialisation, India’s highlights on their political reforms on foreign trade were liberalization on foreign trade was adopted as the goal of trade policy, export control and duties were relaxed, export quotas were abolished and incentive was provided in order to enhance export.
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. During the late 18th century, the Company bought goods in India and exported them to Great Britain and other parts of Europe, which made profit through this sale increasing the growth and making profit through this sake. 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. |