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
Historical definitions of races in India Historical definitions of races in India Various attempts have been made, under the British Raj and since, to classify the population of India according to a racial typology. After independence, in pursuance of the government's policy to discourage distinctions between communities based on race, the 1951 Census of India did away with racial classifications. Today, the national Census of independent India does not recognize any racial groups in India. Some scholars of the colonial epoch attempted to find a method to classify the various groups of India according to the predominant racial theories popular at that time in Europe. This