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
Company rule in India to historian Ian Stone: It was the largest canal ever attempted in the world, five times greater in its length than all the main irrigation lines of Lombardy and Egypt put together, and longer by a third than even the largest USA navigation canal, the Pennsylvania Canal. Company rule in India Company rule in India (sometimes, Company "Raj", ""raj", lit. "rule" in Hindi) refers to the rule or dominion of the British East India Company over parts of the Indian subcontinent. This is variously taken to have commenced in 1757, after the Battle of Plassey, when Mir Jafar, the new