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
History of Bombay in independent India History of Bombay in independent India Mumbai is the financial capital of India and one of the most populous cities in the world. Bombay grew into a leading commercial center of British India during the 19th century on the basis of textile mills and overseas trade. After independence from British rule, the desire to domesticate a Marathi social and linguistic Bombay to a cosmopolitan framework was strongly expressed in the 1950s. Bombay, one of the earliest cities in India to be industrialized, emerged as the centre of strong organized labour movement in India, which inspired labour movements across India. The