- The stage of ‘finance imperialism’ can be said to have started from the latter half of the 19th century.
- Some worldwide developments caused a new development in the British policy in India.
- The most important development was the eclipse of Britain as the only industrial power of the world since other European nations succeeded in industrialising themselves.
- Britain, of course, kept India as her most important colony where British capital could hope to maintain a haven.
- For her survival, Britain decided to make massive investments in various fields (rail, road, postal system, irrigation, European banking system, and a limited field of education, etc.) in India by plundering Indian capital.
- The capital plundered from the Indian people was invested in this country as the British capital was raised in India and finally, the public debt which was really a big hoax to raise funds.
- When political power was handed over by the East India Company to the British Government in 1858, it declared that it had inherited a debt of £ 70 million from the Company.
- The debt swelled to £ 884 million before the Second World War (1939-45). Similarly, the uneconomic as well as extravagant system of railway construction also caused public debt to fan out.
- All this involved a higher dose of taxation. With the opening up of the country, private capitalist investment from Britain came to knock at our doorsteps. But unfortunately, such British investment was not meant for India’s industrial development.
- The basic motive behind investment was the commercial penetration of India, its exploitation as a source of raw materials, and markets for British manufactures.
- This was, in fact, one of the principal contradictions of imperialism-colonialism in India.
- The stage of ‘finance imperialism’ can be said to have started from the latter half of the 19th century.
- Some worldwide developments caused a new development in the British policy in India.
- The most important development was the eclipse of Britain as the only industrial power of the world since other European nations succeeded in industrialising themselves.
- Britain, of course, kept India as her most important colony where British capital could hope to maintain a haven.
- For her survival, Britain decided to make massive investments in various fields (rail, road, postal system, irrigation, European banking system, and a limited field of education, etc.) in India by plundering Indian capital.
- The capital plundered from the Indian people was invested in this country as the British capital was raised in India and finally, the public debt which was really a big hoax to raise funds.
- When political power was handed over by the East India Company to the British Government in 1858, it declared that it had inherited a debt of £ 70 million from the Company.
- The debt swelled to £ 884 million before the Second World War (1939-45). Similarly, the uneconomic as well as extravagant system of railway construction also caused public debt to fan out.
- All this involved a higher dose of taxation. With the opening up of the country, private capitalist investment from Britain came to knock at our doorsteps. But unfortunately, such British investment was not meant for India’s industrial development.
- The basic motive behind investment was the commercial penetration of India, its exploitation as a source of raw materials, and markets for British manufactures.
- This was, in fact, one of the principal contradictions of imperialism-colonialism in India.