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
Gateway of India monument" that represents the city of Mumbai, India. Located opposite the Taj Mahal Palace & Tower hotel. For the British arriving to India, the gateway was a symbol of the "power and majesty" of the British Empire. Though built as a welcome to King George V for his visit of 1911, then an event of grand significance for British India and the British Empire, today serves as a "monumental memento" of British colonial rule over India. Opposite the gateway, stands the statue of Chhatrapati Shivaji Maharaj, the Maratha king who used guerilla warfare to establish the Maratha empire in the