Economic history of India Indian reserve Bank held a positive balance of £1160 million, with it, on 14 July 1947, and that British India maintained a trade surplus, with the United Kingdom, for the duration of the British Raj eg. Source: Indian sterling balances, p. 2, 15 Jan.1.1947, Bank of England (BoE), OV56/55. Modern economic historians have blamed the colonial rule for the dismal state of India's economy, with investment in Indian industries limited since it was a colony. Under British rule, India's native manufacturing industries shrank. During the British East India Company's rule in India, production of food crops declined, mass impoverishment and
British rule in Himachal Pradesh British rule in Himachal Pradesh The Indian Rebellion of 1857, also known as the First War of Indian Independence and the Sepoy Mutiny was a prolonged period of armed uprisings in different parts of India, against British occupation of that part of the subcontinent. The first Indian war of independence resulted due to the buildup of political, social, economic, religious and military grievance against the British. People of the hill provinces were not politically active as were the people in other states of the country. More or less they maintained distance and so did their rulers with the exception of