By Diet Rothermund
This compact publication describes the ecomonic heritage of India from the Moghul invasions, in the course of 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 give India's monetary historical past as a approach. The ebook locations the improvement of agriculture and in political context and discusses forex and financial rules, that are of imperative significance in all classes of Indian background.
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Additional resources for An Economic History of India: From Pre-Colonial Times to 1991
A new chance for venturesome enterpreneurs was provided in 1833, when the company had to stop all its commercial activities and had to sell its indigo establishments, silk processing plants, etc. Chaudhuri, The Economic Development of India, 1814–1858 (Cambridge, 1971), p. 25. ) and acquired many of the plants and equipment of the East India Company. He also 23 THE AGRARIAN STATE AND THE COMPANY organised a local steamship company and participated in the export business. He then got other Calcutta businessmen to join him in establishing the Union Bank, which was supposed to give credit on proper banking principles to all comers without indulging in speculative ventures.
2 THE RAPID EXTENSION OF INDIA’S RAILWAY NETWORK When Lord Dalhousie wrote his minute in 1853 proposing the construction of 5,000 miles of railway track in India, the first Indian track connecting Bombay with Thane had just been completed. The first contracts with the East Indian Railway Company (EIR) and the Great Indian Peninsular Railway Company (GIPR) had been signed in 1849. The EIR was supposed to penetrate the interior starting from Calcutta and the GIPR from Bombay. Thus Dalhousie was not the first person to plan a railway network for India, but his contribution was the magnitude of his design and the idea of attracting the investment required for it by providing a government guarantee of a fixed return on the capital so invested.
India’s economic development from 1858 to 1914 will be described in Chapters 4 and 5; the first of these chapters will be devoted to the evolution of the Indian home market under the tutelage of the world market, and the second will deal with the special problem of India’s retarded industrialisation. The analysis of this specific problem requires a prior understanding of the general forces at work in the Indian market, to which we shall turn our attention in the following chapter. 1 THE POLITICAL UNIFICATION OF INDIA In the course of the early decades of the nineteenth century the British had conquered almost all of the economically more attractive regions of India.