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
Legislatures of British India Parliament of India was established in 1952. The National Assembly of Pakistan was established in 1956. In 1971, secessionist Bengali legislators in East Pakistan formed a constituent assembly; and the Parliament of Bangladesh was established in 1972. The legislatures of colonial British India were precursors to modern parliamentary democracy in the Indian subcontinent. The notion of parliamentary sovereignty took root in the subcontinent after independence, but has faced many challenges. President's rule is often imposed in Indian states to dismiss legislatures. India underwent a period of emergency rule between 1975 and 1977. Pakistan has seen martial law and military rule