Why India was an amputated economy at the time of independence?

The bad political effects of British rule was converted India into an amputated economy. country had left without raw material that it required for it cotton and jute textile industries. lot to do for development of agriculture and industry in the country.

How was Indian economy at the time of independence?

At the time of independence, India had a population of 340 million. Its literacy level was also alarmingly low pegged at around 12 per cent. … When India declared its independence in 1947, its GDP was a mere 2.7 lakh crore accounting for a paltry 3 per cent of the world’s total GDP.

Why was India a closed economy?

India before globalization was considered as a closed economy because it was very apprehensive towards foreign trade and protected its domestic boundaries through high tariff walls. Foreign investment was also not promoted due to the bitter experience of East India Company of England.

Why did India follow a planned economy?

Indian Planning process

India initiated planning for national economic development with the establishment of the Planning Commission. The aim of the First Five Year Plan (1951-56) was to raise domestic savings for growth and to help the economy resurrect itself from colonial rule.

What were the problems faced by India after independence?

The nation has faced religious violence, casteism, naxalism, terrorism and regional separatist insurgencies. India has unresolved territorial disputes with China which in 1962 escalated into the Sino-Indian War, and with Pakistan which resulted in wars in 1947, 1965, 1971 and 1999.

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Was India a rich country before British rule?

Before British Rule (1858)

Before the British ruled in India the East India trade company came to rule while India was very weak, The company made India one of the wealthiest countries in the world. They Brought trade and influence into the country basically owning the global textile trade.

Is India richer than UK?

India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020. … “This growth trajectory will see India become the world’s third largest economy by 2030, overtaking the UK in 2025, Germany in 2027 and Japan in 2030,” it said.

What were the negatives of British rule in India?

They suffered poverty, malnutrition, disease, cultural upheaval, economic exploitation, political disadvantage, and systematic programmes aimed at creating a sense of social and racial inferiority.