What is important to know about Indian Economy Before and After Independence?

The English East India Company was chartered in 1601, and in 1614 Sir Thomas Roe obtained permission from King Jahangir to set up factories in India.

What is important to know about Indian Economy Before and After Independence?

In 1858 the British Parliament passed a law transferring the power of governance of India from the English East India Company to the British Crown.

What is important to know about Indian Economy Before and After Independence?

Economic historians divide British colonial exploitation into three phases: merchant capital, industrial capital and finance capital.

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Indian Economy Before and After Independence

20 Key Points

10 MCQs

Study Material

Colonialism is a system of political and social relations between two countries, of which one is the ruler and the other is its colony. The ruler also determines the colony's economic policies. India had the bitter experience of colonialism; after Independence the Government used industrial policies, bank nationalisation and Five Year Plans to achieve growth.

1. Arrival of the Europeans

India's sea route trade to Europe started even during the Sangam Age.
It took a new turn after Vasco da Gama arrived in Calicut on May 20, 1498.
The Portuguese traded in Goa as early as 1510.
The English East India Company was chartered in 1601.
In 1614, Sir Thomas Roe got permission from King Jahangir for setting up factories.
In 1858 the British Parliament transferred the power of governance of India from the East India Company to the British Crown.

Key Points (20)

1
The English East India Company was chartered in 1601, and in 1614 Sir Thomas Roe obtained permission from King Jahangir to set up factories in India.
2
In 1858 the British Parliament passed a law transferring the power of governance of India from the English East India Company to the British Crown.
3
Economic historians divide British colonial exploitation into three phases: merchant capital, industrial capital and finance capital.

Practice MCQs (10)

Test your knowledge with these practice questions.

Q1. The new agricultural technology tried in 1960-61 as a pilot project in seven districts was called:

A. the Rolling Plan

B. the New Economic Policy

C. the High Yielding Varieties Programme (HYVP)

D. Public Law 480 (PL480)

Q2. Which one of the following pairs of public sector steel plant and the country that assisted it is correctly matched?

A. Rourkela – Germany

B. Durgapur – Russia

C. Bhilai – UK

D. Salem – Germany

Q3. Which Five Year Plan was based on the P.C. Mahalanobis Model and focused on the industrial development of the country?

A. First Five Year Plan

B. Third Five Year Plan

C. Second Five Year Plan

D. Fifth Five Year Plan

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