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
The Independent (India) The Independent (India) The Independent was an Allahabad based newspaper begun by Motilal Nehru in 1919. The paper closed down under British repression two years later. "The Independent" was started on February 9, 1919 with the primary aim of countering the moderate political line adopted by the then leading Allahabad daily "The Leader". Motilal Nehru was assisted in the paper's establishment by B G Horniman and Syed Hussain who became the "Independent"s editor. The paper's purpose according to Motilal was 'to wage war against autocracy' and to 'think aloud for India', but from the very beginning the paper suffered from