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A unique examination of the development of the modern Indian economy over the past 150 years.
Essays by leading historians from around the world combine to create a timely and authoritative assessment of a number of the major themes in the history of modern South Asia.
This revised edition of the book, first published in 1971, comprises an expanded introduction, that reviews recent research in this area, and a new imprint of the original text which has been edited afresh to slightly abbreviate some parts. The theme of this work may be summed up as the economic aspects of the theory and practice of the colonial state. The focus is upon the ideas and interests and contestations which went into the making of the policies of the Raj in the formative period following 1857, the years which saw the appointment of the first finance minister of India (then called the Finance Member), the introduction of the budget system and other innovations like the paper currency and income tax.
The studies on economic history of modern India had a very late beginning. During the early stage of historiography, a few historians recognized the connection between political and economic history remained a chapter on economic conditions only. Causes and effects of economy were never and analyzed. This book attempts to fill that gap. Examining the characteristic of a colonial economy, the book discusses the process of colonizing Indian economy, with speared focus on monopolistic trade tactics, banning of Indian products in Britain, transformation of trade after industrial revolution and entry of foreign enterprises in India. It also extend an elaborate discussion on land settlement, revenue policies, commercialization of agriculture, decline of handicrafts, state of irrigation, development of transport and communication and currency. Finally, it evaluates economic impact of British rule and addresses the issue of economic drain from India.