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
Secretary of State for India Secretary of State for India The Secretary of State for India or India Secretary was the British Cabinet minister and the political head of the India Office responsible for the governance of the British Raj (India), Aden, and Burma. The post was created in 1858 when the East India Company's rule in Bengal ended and India except for the Princely States was brought under the direct administration of the government in London, beginning the official colonial period under the British Empire. In 1937, the India Office was reorganised which separated Burma and Aden under a new Burma Office, but the