How did the Industrial Revolution in England affect Indian economy? Explain with examples.
Before the Industrial Revolution, India was the major producer and exporter of cotton, indigo and spices. After the industrial revolution, it lost her position and suffered a lot.
- England enabled to produce more and more goods at cheaper rates. So she could expand vast market for its products.
- Once India was an exporter of certain things now it became a big market for the same things.
- Industrial Revolution in England threw the Indian artisans and handicraftsmen out of job.
- Indian export market collapsed and the local market shrank being glutted with Manchester imports.
- Goods produced by machines all lower costs. They were so cheap that weavers could not compete with them.
- Heavy duty was imposed on the Indian products to discourage Indian craftmen from completing with British goods.
- British manufacturers attempted to take over the Indian market. They tried to shape the minds of people and create new needs.