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 and he presided over Burmese independence on 4 January 1948. Anti-British popular sentiment was so strong at the time that Burma opted not to join the Commonwealth of Nations, unlike India. British rule in Burma British rule in Burma, also known as British Burma, lasted from 1824 to 1948, from the Anglo-Burmese wars through the creation of "Burma" as a Province of British India to the establishment of an independently administered colony, and finally independence. Various portions of Burmese territories, including Arakan (Rakhine State), Tenasserim were annexed by the British after their victory in the First Anglo-Burmese War; Lower Burma