What do you understand by the drain of Indian wealth during the colonial period class 12?
Drain of wealth means that economic policies of the British in India were primarily motivated to snatch maximum benefits from India’s trade. India’s foreign trade generated large export surplus. This export surplus did not result in any flow of gold or silver into India. There was drain of India’s wealth into Britain.
What were the main causes of India’s agricultural stagnation during the colonial period class 12?
Causes of India’s agriculture stagnation during the colonial period:
- Land revenue system: The colonial government in India introduced various systems of land settlement.
- High dependency on monsoon: The Indian agricultural sector was deprived of irrigation facilities and technology advancement.
What is the opposite of Colonial?
What is the opposite of colonialism?
What led to the drain of Indian wealth?
Answer: Dadabhai Naoroji propounded the theory of ‘Drain of Wealth’ in the 19th century. The colonial period was characterized by the exploitation of Indian resources. On the other hand, income of Indians was spent on expensive imports of finished goods from Britain which made Britain richer on the expense of India.
What are the characteristics of colonial economy?
Features of colonial economy Colonial economy was export oriented (e.g. production of cash crops, mineral. It was exploitative in nature,that is Africans were highly exploited. It went hand in hand with alienation of Africans (Africans were alienated from their land which was used by the Europeans).
What do u understand by drain of wealth?
Drain of wealth means that economic policies of the British in India were primarily motivated to snatch maximum benefits from India’s trade. This export surplus did not result in any flow of gold or silver into India. There was drain of India’s wealth into Britain.
What do you mean by colonial economy?
1. Refers to the economic system formulated by the British to draw upon the natural resources of the Indian Subcontinent. Learn more in: Exploring Landscapes in Regional Convergence: Environment and Sustainable Development in South Asia.
Who has written the book drain of wealth?
What do you mean by drain of wealth during colonial period?
The drain of Indian wealth during colonial period : The drain of Indian wealth during colonial period means using export surplus as payments for expense incurred by an office set up by the colonial government in Britain, expenses on war fought by the British Government and the import of invisible items.
What is the full meaning of Colonial?
(Entry 1 of 2) 1 : of, relating to, or characteristic of a colony. 2 often capitalized : of or relating to the original 13 colonies forming the United States: such as. a : made or prevailing in America during the colonial period colonial architecture.
What were the sources of economic drain from India to Britain?
Dadabhai Naoroji in his book observed, “The drain consists of two elements the first, arising from the remittances by European Officials of their savings, and for their expenditure in England for their various wants both there and in India ; from pensions and salaries paid in England; and the second that arising from …
What are the objectives of colonial economy?
Objectives of Colonial Economy Colonies were expected to provide raw materials, both agricultural products and minerals, to the factories of the European countries. Examples of the agricultural raw materials includes cotton, coffee, sisal, pyre thrum, tea, cocoa and palm oil.
What is an example of Colonial?
A colonial is defined as a person who lives or lived in a colony. An example of a colonial is a man who lived in New York before the Revolutionary War.
What is the meaning for colonial rule?
(kə-lō′nē-ə-lĭz′əm) The policy or practice of a wealthy or powerful nation’s maintaining or extending its control over other countries, especially in establishing settlements or exploiting resources.
What is another word for colonialism?
Colonialism Synonyms – WordHippo Thesaurus….What is another word for colonialism?
What was home charges?
Home Charges are the interests of India’s external debts and the payments of the salaries and pensions of British officials in India are what the Home Charges comprised of. The trade surplus was used to make these payments or the payments for the Home Charges.
Is Colonial a bad word?
The word, colonial, only has a pejorative sense with reference to imperial nations that subjugated other countries for the purpose of extracting raw materials and using the native population as a labor force in doing it.
What do you mean by drain of wealth?
The constant flow of national wealth from India to England for which India did not get an adequate economic, commercial or material return has been described by Indian national leaders and economists as ‘drain’ of wealth from India. This was the drain of wealth theory.
How was India’s wealth drained to England?
The drain of wealth was the portion of India’s wealth and economy that was not available to Indians. In 1867, Dadabhai Naoroji put forward the ‘drain of wealth’ theory in which he stated that the Britain was completely draining India. He mentioned this theory in his book Poverty and Un-British Rule in India.
Who gave the drain theory?
One of the reasons that the Drain theory is attributed to Naoroji is his decision to estimate the net national profit of India, and by extension, the effect that colonial rule had on the country. Through his work with economics, Naoroji sought to prove that Britain was draining money out of India.
What is Colonial in simple words?
Colonialism occurs when a country or a nation takes control of other lands, regions, or territories outside of its borders (boundaries of the country) by turning those other lands, regions, or territories into a colony. Some countries use colonialism to get more land for their people to live in.
What is the mean of Colonial?
Colonial means relating to countries that are colonies, or to colonialism. People who have lived for a long time in a colony but who belong to the colonizing country are sometimes referred to as colonials.
What was the purpose of British colonial rule in India Class 12?
The basic purpose of the British colonial rule over India was to compliment and serve the industrialisation process in Britain. In this regard, the sole aim of the colonial government was to reduce India to a mere supplier of the raw materials for the betterment and advancement of their home country.
What do you mean by colonial economy class 12?
Under the colonial rule, India was basically an agrarian economy employing nearly 85% of its population. Moreover, in order to feed British industries with cheap raw materials, the Indian peasants were forced to grow cash crops (such as, indigo, cotton, etc.) instead of food crops (such as, rice and wheat).
What does the term Colonial mean in history?
The term colony comes from the Latin word colonus, meaning farmer. This root reminds us that the practice of colonialism usually involved the transfer of population to a new territory, where the arrivals lived as permanent settlers while maintaining political allegiance to their country of origin.
What is a synonym for Colonial?
Synonyms. resident occupier colony occupant settlement.
What is colonial rule India?
Colonial India was the part of the Indian subcontinent that was under the jurisdiction of European colonial powers during the Age of Discovery. European power was exerted both by conquest and trade, especially in spices. Trading rivalries among the seafaring European powers brought other European powers to India.
Why British rule is called colonial rule?
Answer. The British period in India is referred to as colonial because: A colonial period is the period in the history of a country when it was subject to government by a colonial power. This is the reason why the British period in India is referred to as colonial.