Friday, June 24, 2011

Indian Economy at the beginning of the 19th century.

                                                 The Industrial Capitalist in Great Britain after consolidating their position in Great Britain were utilising India as their market to sell their finished goods. and to procure
raw material at cheaper cost from the Indian market. 

The tax system of Britain was in favour of import to India as regards to tax deduction.But the the export of goods of cottage industry from India to Britain was a bit difficult as the tax for export was gradually increasing. The Indian clothes had to pay 20 to 30 %  as their tax was high. As such India was forced to import clothes from great Britain than to stop to export. The ship industry of India also had the same fate as their quality was not so good as that of Great Britain. But since the ship industry of Bombay was in the hands of Persian and the business with China was favourable, that industry remained upto the middle of 19th century. In Madras Presidency the artisans had to lose 75% of their income in 1815-1844.
In 1820's Britain made cotton began to be exported to India and at the middle of this century cotton -made products  exported from Great Britain to India was about 1/6th  of its requirement.The traders and hoarders of cotton-made product made the life of the weavers more complex. In 1844 about 60% of the weavers  were under debt of the traders.
Except the cultivation of tea in less populated Assam, the Britishers purchased by force the Ohefame and Nil without any compensation.Probably for this reason large scale cultivation in India was not possible.
A revolt took place in 1780's regularly.
At the beginning of the 19th century there occured famine seven times in different parts of India and 15 lacs people were dead..