ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumer, supplier
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supplier, consumer
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Either A or B
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None of the above
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Detailed explanation-1: -The policies were concerned mainly with the fortification and advancement for their home country. The interests of the Indian economy were completely ignored. Such policies brought structural changes in the Indian economy by transforming it to a supplier of raw materials and consumer of finished products from Britain.
Detailed explanation-2: -TRADE POLICIES The policies followed by the company rule brought about a fundamental change in the structure of the Indian economy, transforming India into a supplier of raw materials and a consumer of finished industrial products from Britain.
Detailed explanation-3: -(iii) Deindustrialisation of Indian Economy The status of industrial sector during the British rule can be well defined by the term ‘systematic deindustrialisation’ to make India an exporter of raw materials and importer of finished goods from Britain.
Detailed explanation-4: -Thus, the commercial policy of the East India Company after 1913 was guided by the needs of British industry. Its main aim was to transform India into a consumer of British manufactures and a supplier of raw materials.