Indian economy on the eve of Independence
Q1: What was the main objective of British colonial rule in India from economic point of view?
Answer: The sole purpose of the British Colonial rule in India was to reduce the country to being a feeder economy. On the other hand, Great Britain owned rapidly expanding modern industrial base.
Q2: What were the conditions in the Indian economy on the eve of Independence?
Answer: Deplorable Conditions in the Indian economy on the eve of Independence
① Low level of economic development:
The colonial government never made any sincere attempt to estimate India's national per capita income.
The estimate of GDP growth rate by Dr V. K. R. V. Rao was about 2% per annum while the growth of per capita output was just 0.5 percent per annum.