Economy After Indian Independence (1947)

Introduction

• Speaker: Mukesh Kumar, Assistant Professor
• Topic: Economic Condition After Indian Independence

Indian Economy Under British Rule

• India was called the "Golden Bird".
• Famous for handicraft industries globally.
• In 1757, the East India Company took control of Bengal.
• Changes in Indian relations with Britain.
• Majority of India's tax revenues were taken by Britain.

Economy in 1947

• Per Capita Income: $533 in 1947.
• GDP: Per capita income of ₹13,016 or its equivalent.
• Aim: Social and economic development.

Characteristics of a Backward Economy

• Low Per Capita Income
• Agriculture-Based: Majority of the population in the agricultural sector.
• High Unemployment: Lack of metal and heavy industries.
• Lack of Wealth: Export of Indian wealth to Britain.

Agricultural Condition

• 6.4 million tonnes of agricultural production in 1947.
• 107.6 million tonnes of agricultural production in 2019.
• Per Hectare Productivity: 307 kg per hectare.
• Lack of irrigation facilities.

Industrial Condition

• Development of Industrial Sector: Most wealth towards Britain.
• Export of raw materials and expensive selling in India.
• Lack of capital for investment among Indians.
• Lack of Heavy Industries: Deficiency of heavy industry in India.

State of Infrastructure

• Power Generation: 62 Megawatts in 1947.
• Railways: 53,596 kilometers of railway line.
• National Highways: 19,800 kilometers, 114,500 kilometers in 2019.

Conclusion

• The Indian economy faced numerous challenges in the 1947 independence.
• Reconstruction of Indian industry and agriculture was essential.

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