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QUESTIONS AND AN9. 1. Answer the followingquestions inthdetail : [4 marks each]じ tłt Explain the economic impact of theCompany Rule in India.ORWhat was the impact of the Company'sRule on India ? |
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Answer» The economic impact of British rule in India is also studied under three stages to assess the full meaning of British rule.The first stage was: Mercantile development The Company imposed inflated prices of goods leading to adventurous capitalism whereby the wealth was created by the political clout of the British traders. The revenue collected from Bengal was used to finance exports to England.The second phase was: Industrial phase Indians were forced to export their raw materials to Britain and import the finished goods. They imposed heavy imports duty on the Indian products exported to England in order to discourage them in the British market.The third phase was: Financial phase Homegrown Industries came into existence in form of Tata Iron and Steel in 1907. Socially, this led to the rise of an industrial capitalist class and a working class became an important feature of this phase. |
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