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
Cornwallis in India each governed by a separate presidency, the Bengal region, including Calcutta, had come under the direct rule of the British East India Company in 1757, with authority to levy taxes, and its presidency dominated the others. Its civil head, the Governor-General of Fort William, ranked ahead of those of Madras and Bombay. Cornwallis quickly established himself as a transformational leader. British colonial administration was dominated in the 1760s and 1770s by Warren Hastings, the first man to hold the title of Governor-General. The military arm of the East India Company was directed during the Seven Years' War and the Second