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 Burma War in 1885, Upper Burma was annexed, and the following year, the province of "Burma" in British India was created, becoming a "major" province (a Lieutenant-Governorship) in 1897. This arrangement lasted until 1937, when Burma began to be administered separately by the Burma Office under the Secretary of State for India and Burma. British rule was disrupted during the Japanese occupation of much of the country during the Second World War. Burma achieved independence from British rule on 4 January 1948. Burma is sometimes referred to as "the Scottish Colony", due to the heavy role played by Scotsmen in colonising