Modern History Prelims Question

After abolishing the East India Company’s monopoly on India’s trade by the Charter Act of 1813, a new phase of Britain’s economic relations with India began. The government now followed a policy of free trade or unrestricted entry of British goods. This led to a sharp increase in foreign imports.
The free trade imposed on India was however one sided. While the doors of India were thrown open to foreign goods, Indian products, which could still compete with the British products, were subjected to heavy import duties on entry into Britain. Duties in Britain on several categories of Indian goods continued to be high till their export to Britain virtually ceased.
The Economic History of India is the famous work of RC Dutt from 1901. The Drain of Wealth Theory, on the other hand, was put forward by Dadabhai Naoroji in his book Poverty and Un British Rule in India.

After abolishing the East India Company’s monopoly on India’s trade by the Charter Act of 1813, a new phase of Britain’s economic relations with India began. The government now followed a policy of free trade or unrestricted entry of British goods. This led to a sharp increase in foreign imports.
The free trade imposed on India was however one sided. While the doors of India were thrown open to foreign goods, Indian products, which could still compete with the British products, were subjected to heavy import duties on entry into Britain. Duties in Britain on several categories of Indian goods continued to be high till their export to Britain virtually ceased.
The Economic History of India is the famous work of RC Dutt from 1901. The Drain of Wealth Theory, on the other hand, was put forward by Dadabhai Naoroji in his book Poverty and Un British Rule in India.

Options