India had an independent economy before the advent of the British rule. Though agriculture was the main source of livelihood for most people, yet, the country’s economy was characterised by various kinds of manufacturing activities. India was particularly well known for its handicraft industries in the fields of cotton and silk textiles, metal and precious stone works etc. These products enjoyed a worldwide market based on the reputation of the fine quality of material used and the high standards of craftsmanship seen in all imports from India. The economic policies pursued by the colonial government in India were concerned more with the protection and promotion of the economic interests of their home country than with the development of the Indian economy. Such policies brought about a fundamental change in the structure of the Indian economy — transforming the country into a supplier of raw materials and consumer of finished industrial products from Britain. Obviously, the colonial government never made any sincere attempt to estimate India’s national and per capita income. Some individual attempts which were made to measure such incomes yielded conflicting and inconsistent results. Among the notable estimators — Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao and R.C. Desai — it was Rao, whose estimates during the colonial period were considered very significant. However, most studies did find that the country’s growth of aggregate real output during the first half of the twentieth century was less than two per cent coupled with a meagre half per cent growth in per capita output per year.

Question

cdquestions Admin · Accepted Answer

""

Before the British rule, India was well known for which manufacturing industries’ products?

The Correct Option is C

Solution and Explanation

What kind of interests was the colonial government concerned with in the economic policy for Indian industries?

The Correct Option is D

Solution and Explanation

Choose the economists who estimated India’s National Income and Per Capita Income:

The Correct Option is B

Solution and Explanation

What was the country’s growth of aggregate real output during the first half of the 20th century?

The Correct Option is D

Solution and Explanation

According to the passage, which of the following statement was true about Indian industries’ products ?

The Correct Option is C

Solution and Explanation

Questions Asked in CUET exam