how did industrial revolution affect indian economy
how did industrial revolution affect indian economy
Before the Industrial revolution, India exported textiles to England. This popularized Indian product and the increasing demand was a source of revenue for the native country. However, after the Industrial revolution, factories started functioning in England and too. This meant that the need of finished goods came to an end and England was need of raw materials. India thus started exporting cotton to Britain. This ruined the textile and handicrafts industry to ruins. Farmers were forced to grow cotton and sell at the price fixed by the colonisers. The finished goods were imported back to India and sold at much cheaper price as compared to home made textile, making it difficult for Indian industry to survive.
Before the Industrial revolution, India exported textiles to England. This popularized Indian product and the increasing demand was a source of revenue for the native country. However, after the Industrial revolution, factories started functioning in England and too. This meant that the need of finished goods came to an end and England was need of raw materials. India thus started exporting cotton to Britain. This ruined the textile and handicrafts industry to ruins. Farmers were forced to grow cotton and sell at the price fixed by the colonisers. The finished goods were imported back to India and sold at much cheaper price as compared to home made textile, making it difficult for Indian industry to survive.
