COLONIAL EXPLOITATION: THE BRITISH IMPACT ON INDIA'S ECONOMY
The disruption of the traditional economy in India under British colonial rule marked a significant shift from the country's previous encounters with foreign conquerors. Unlike their predecessors, the British not only altered the political landscape but fundamentally transformed India's economic structure to serve the needs of the British economy, leading to profound and lasting impacts on Indian society and its economic foundations.
1.Colonial Economic Policies: The British implemented policies that reoriented India's economy to function as a supplier of raw materials for British industries and a market for British manufactured goods.
2.End of Self-Sufficiency: The traditional, self-sufficient rural economy, which had been the backbone of Indian society, was systematically undermined. This shift led to the decline of local artisan and handicraft industries due to competition from British manufactured goods.
1.Economic Exploitation: The British economic policies were designed to extract wealth from India, resulting in a significant drain of resources that enriched Britain at the expense of the Indian subcontinent.
2.Permanent Foreigners: Unlike previous rulers who assimilated into Indian culture, the British maintained a distinct separation from Indian society, focusing primarily on the exploitation of resources and wealth extraction.