Impact of British Economic Policies on Indian Trade
The British conquest of India transformed a once self-sufficient and export-driven economy into a colonial appendage of British capitalism. Between 1757 and 1947, British economic policies restructured India’s trade from balanced internal-external exchanges to unilateral, export-oriented dependency, ensuring maximum advantage to Britain. This period marked a shift from “prosperous pre-colonial trade” to “deindustrialised, drain-based colonial economy.”
Pre-British Trade Structure
|
Feature |
Pre-1757 India (Mughal & Regional States) |
|
Exports |
Textiles, spices, indigo, handicrafts, steel, precious stones |
|
Imports |
Bullion, horses, luxury items |
|
Trade Balance |
Favourable – India was a “sink of gold and silver” |
|
Centers |
Surat, Masulipatnam, Calicut, Bengal ports |
|
Nature |
Multilateral – with West Asia, Southeast Asia, and Europe |
Colonial Trade ....
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