Economic Development and Industrialization
Before India was introduced to the industrialization or the industrial revolution, India as largely an agricultural country. Before the British invasion India became famous for her handicrafts and textiles too. During the McHugh Period, India had a considerable variety of arts and handicrafts and the products commanded wide range of foreign markets. At that time no other country produced products that could be imported to India in exchange for cotton and silk goods which were in world-wide demand.
Europe had to pay in billions for the increasing volume of Indian exports. India was also famous for Jewelry of exquisite quality made out of gold, silver, copper, brass and bell-metal. Many urban centers were famous for carving work in ivory, wood, stone and marble. In bigger towns each handicraft was organized into a guild which safeguarded the professional interest of its members. The emergence of modern industrial enterprises can be traced back to the end of the 18th century. The new industrial activity took two forms, plantations and factory industries.
Real and satisfactory progress in the factory industries began only after 1875. During the next two decades, two textile units – cotton and Jute- flourished. Initially, Indian’s domestic economy depended mostly on the
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Then began the industrial revolution in India, which was introduced by the British. The use of machines in the industries brought about great progress and economical growth to the country. One of the main reasons why India is a member of the BRICKS nations[->O] and is tipped to be the next global superpower is its rapid pace of industrialization. Indian’s industrial growth was recorded in 2010 at 16. 8%, highest in 20 years. Thus it has a major contribution to Indian’s economic growth rate in 2010-2011 which is measured at about an impressive 8. 6%.
The rate of investment in India has been found to have exceeded 36% of the country’s GAP and this has happened because India is making progress in the industrial sector by leaps and bounds. . On the technology front, the biggest advancements were in steam power. New fuels such as coal and petroleum, were incorporated into new steam engines. This revolutionized many industries including textiles and manufacturing. Also, a new communication medium was invented called the telegraph. This made communicating across the ocean much faster.
But, along with this great leap in technology, there was an overall downfall in the socioeconomic and cultural situation of the people. Growth of cities were one of the major consequences of the Industrial Revolution. Many people, who initially practiced agriculture, were imposed on with heavy taxes and unable to pay taxes to the British officers were forced to move to the cities. With the new industrial age, a new quantitative and materialistic view of the oral took place. This caused the need for people to consume as much as they could.
This still happens today. The negative impact of industrial revolution on India is due to two major factors. Indian’s large population and Introduction of alternative machinery which were more efficient than man– These two factors are closely interrelated:- the introduction of finer machinery improved the production of goods and reduced the number of employees. Since a large number of Indians who were once practicing agriculture were led to the factories, a major population was now going tit the swing of the industrial revolution, I. E.. Irking in the factories. The introduction of finer machinery improved the production of goods and reduced the number of employees and adversely affected the middle class and lower sections of the society. One machine could perform what ten men could and eventually machine replaced man. Lots and lots of people were Jobless. Indians suffer from the industrial revolution even today as a major portion of the Indian population is unemployed.