By Diet Rothermund
This compact publication describes the ecomonic background of India from the Moghul invasions, during the East India corporation and colonialism to the twentieth century. a lot has been written at the Indian financial system, yet this e-book makes an attempt to provide India's fiscal historical past as a technique. The booklet areas the improvement of agriculture and in political context and discusses forex and fiscal regulations, that are of valuable value in all sessions of Indian historical past.
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Extra resources for An Economic History of India: From Pre-Colonial Times to 1991
Opium played its leading role only until 1834; at that time indigo emerged once more as the main export commodity and thus contributed to the rise of Bengali merchants, who now did the business earlier done by the agency houses. By 1839 indigo was far ahead, whereas opium had suffered a severe setback (the Opium War occurred in 1840–2). Subsequently there was another dramatic change: opium exports increased once more and indigo declined, amounting only to 10 per cent of the value of Indian exports in 1850, whereas opium made up 35 per cent.
Opium, indigo and raw cotton, which had been of major importance in the first half of the nineteenth century, still made up 60 per cent of all exports in 1871, but in 1901 their share had dwindled to 20 per cent. Tea and jute, which constituted just 7 per cent in 1871, attained 19 per cent in 1901. Moreover, the total value of exports doubled in those 30 years, but the share of the five cash crops listed here in the total value of exports was reduced from 68 to 39 per cent. 4. Decennial averages have been calculated for this purpose in order to exclude short-term fluctuations.
It has sometimes been stated that imported British industrial yarn enabled the Indian weavers to stay in business quite comfortably. This imported yarn was only of marginal significance, however; in most parts of the interior of India indigenous yard was still predominant. Moreover, textiles made of Indian yarn were more durable when subjected to the drastic treatment meted out to all textiles by India’s vigorous washermen. Under such conditions of exploitation, deflation, depressed prices and reduced buying power, the parasitical company could live on its paralysed host for some time, but there were no prospects of economic growth.
An Economic History of India: From Pre-Colonial Times to 1991 by Diet Rothermund