Aartee Mishra is teaching live on Unacademy Plus
Spectrum's A brief history of Moderrn India Economic Impact of British Rule in India
wishing. stop start doing Star Educator Topper from Delhi University Top Educator on Unacademy Plus Pursuing P.G 2 Years of teaching experience of General Studies for competitive examination
COMMERCIALISATION OF INDIAN AGRICULTURE Certain specialised crops began to be grown not for consumption in the village but for sale in the national and even international markets. Commercial crops like cotton, jute, groundnut, oilseeds, sugarcane, tobacco, etc were more remunerative than foodgrains. The commercialization trend reached the highest level of development in the plantation sector, i.e., in tea, coffee, rubber, indigo, etc., which was mostly owned by Europeans and the produce was for sale in a wider market. The new market trend of commercialization and specialization was encouraged by many factors- spread of money economy, replacement of custom and tradition by 'competition and contract, emergence of a unified national market, growth of internal trade, improvement in communications through rail and roads and boost to international trade given by entry of British finance capital, etc. For the Indian peasant, commercialization seemed a forced process. There was hardly any surplus for him to invest in commercial crops, given the subsistence level at which he lived, while commercialisation linked Indian agriculture with international market trends and their fluctuations. For instance, the cotton of the 1860s pushed up prices but this mostly benefited the intermediaries, and when the slump in prices came in 1866, it hit the cultivators the most, bringing in its turn heavy indebtedness, famine and agrarian riots in the Deccan in the 1870s. Thus, the cultivator hardly emerged better from the new commercialisation trend.
DEVELOPMENT OF MODERN INDUSTRY It was only in the second half of the nineteenth century that modern machine-based industries started coming up in India. But most of the modern industries were foreign-owned and controlled by British managing agencies. There was a rush of foreign capital in India at this time due to prospects of high profits, availability of cheap labour, cheap and readily available raw material, ready market in India and the neighbours, diminishing avenues for investments at home, willingness of the administration to provide all help, and ready markets abroad for some Indian exports such as tea, jute and manganese. Indian-owned industries came up in cotton textiles and jute in the nineteenth century and in sugar, cement, etc in the twentieth century. Indian-owned industries suffered from many handicaps credit problems, no tariff protection by Government, unequal competition from foreign companies, and stiff opposition from British capitalist interests who were backed by sound financial and technical infrastructure at home. The colonial factor also caused certain structural and institutional changes. The industrial development was characterised by a lopsided pattern-core and heavy industries and power generation were neglected and some regions were favoured more than the others causing regional disparities. These regional disparities hampered the process of nation building. In the absence of careful nurturing of technical education, the industry lacked sufficient technical manpower. Socially, the rise of an industrial capitalist class and the working class was an important feature of this phase
Meet you in lesson next lesson Do remember to download the Unacademy Learning App from the Google Playstore Do Subscribe to Unacademy's Youtube Channel