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Question
Who formulated the 'Drain of Wealth' theory?
Who formulated the 'Drain of Wealth' theory?
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Solution
The correct option is A Dadabhai Naoroji
The Drain of Wealth theory was systemically initiated by Dadabhai Naoroji in 1867 and further analysed and developed by R.P. Dutt, M.G Ranade etc. The "drain of wealth" depicts the constant flow of wealth from India to England for which India did not get an adequate economic, commercial or material return. The colonial government was utilizing Indian resources- revenues, agriculture, and industry not for developing India but for its utilization in Britain. If these resources been utilised within India then they could have been invested and the income of the people would have increased.
The Drain of Wealth theory was systemically initiated by Dadabhai Naoroji in 1867 and further analysed and developed by R.P. Dutt, M.G Ranade etc. The "drain of wealth" depicts the constant flow of wealth from India to England for which India did not get an adequate economic, commercial or material return. The colonial government was utilizing Indian resources- revenues, agriculture, and industry not for developing India but for its utilization in Britain. If these resources been utilised within India then they could have been invested and the income of the people would have increased.
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