The state of the Indian economy on the eve of independence:

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The Indian economy on the eve of independence was characterized by several key features:


Agricultural Sector

1. Stagnation and deterioration: Agricultural production and productivity were almost stagnant due to lack of irrigation facilities, limited use of fertilizers, and outdated technologies.

2. Land revenue systems: The British introduced exploitative systems like Zamindari, Ryotwari, and Mahalwari, which discouraged investment in agriculture.

3. Commercialization of agriculture: Farmers were forced to grow cash crops for British industries, negatively impacting food grain cultivation and food security.

4. Low productivity: Lack of irrigation facilities, absence of improved seeds and fertilizers, and poverty of farmers resulted in very low agricultural productivity.


Industrial Sector

1. De-industrialization: British policies led to the decline of traditional handicraft industries due to unfair foreign competition.

2. Limited growth of modern industries: The British government discouraged modern industry development, allowing only a few industries like railways, coal mining, and iron and steel to serve their interests.

3. Lack of capital goods industries: India's production of capital goods was almost non-existent, hindering industrial development.


Foreign Trade

1. Exporter of raw materials and importer of finished goods: India supplied raw materials to Britain while importing finished goods.

2. British monopoly: Britain had a near monopoly over India's foreign trade, with most trade conducted exclusively with Britain.

3. Drain of wealth: Significant wealth was transferred from India to Britain during British rule.


Demographic Condition

1. High birth rate and death rate: Both rates were high due to lack of healthcare facilities, poverty, and illiteracy.

2. Low life expectancy: Poor health facilities and frequent famines and epidemics resulted in low average lifespan.

3. Low literacy rate: Limited education spread and majority of the population was illiterate.


Occupational Structure

1. Predominance of agriculture: About 70-75% of the working population was engaged in agriculture.

2. Limited development of industry and service sectors: Contribution to national income and employment was very low, indicating unbalanced economic growth.


Infrastructure

1. Railways: Developed primarily to facilitate British goods movement and foreign trade.

2. Ports: Developed to facilitate foreign trade.

3. Communication: Postal and telegraph services were developed for administrative and military purposes.

4. Roads: Inadequate development, with most roads unpaved and rural areas lacking proper infrastructure.


In summary, the Indian economy on the eve of independence was characterized by stagnation, exploitation, and underdevelopment in various sectors, leading to widespread poverty, inequality, and lack of opportunities for the majority of the population.

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