What do you understand by the drain of Indian wealth during the colonial period?
What do you understand by the drain of Indian wealth during the colonial period?
The drain of wealth theory was propounded by Dadabhai Naoroji in 19th century. During the colonial period the British exploited the Indian resources and their prime motive to conquer India was that they could make it a source for cheap raw materials for their own industries. Raw material from India was exported and expensive finished goods were imported to India. Also, the heavy administrative costs related to the running of the colonial rule in India, in the form of wages and salaries of the administrative staff, and the expenses of War and administration incurred by British government to manage their Colonial rule in India were drawn from the revenue collected from India.
The drain of wealth theory was propounded by Dadabhai Naoroji in 19th century. During the colonial period the British exploited the Indian resources and their prime motive to conquer India was that they could make it a source for cheap raw materials for their own industries. Raw material from India was exported and expensive finished goods were imported to India. Also, the heavy administrative costs related to the running of the colonial rule in India, in the form of wages and salaries of the administrative staff, and the expenses of War and administration incurred by British government to manage their Colonial rule in India were drawn from the revenue collected from India.
