ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Our economy had been a victim of enormous exploitation. Our natural resources, iron ores, gold mines, wealth and manpower was subject to intense exploitation. Due to these atrocities, the Indian economy on the eve of independence showed poor/low economic growth.

Detailed explanation-2: -The Indian economy was an agro-based economy on the eve of independence. 75% of the Indian population was earning a livelihood from agriculture. Despite being a primary source of income for a major population, this sector faced a decline under the British rule.

Detailed explanation-3: -Stagnation is a situation wherein the inside economy and the total output is either at a receding level or developing gradually. Persistent joblessness is an additional quality of a stagnant economy.

Detailed explanation-4: -All in all, the average income in India decreased by 8% under British rule over a period of two centuries (1757-1947). Undoubtedly, this was a period of remarkable stagnation that cannot be explained as a result of normal business cycles.

Detailed explanation-5: -At the time of independence, Indian economy was predominantly agricultural economy. irrigation purposes. No improved methods of production were used to cultivate crops. to Pakistan due to partition and Indian economy left with agriculturally deficient regions.