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
Foreign relations of India Trinidad and Tobago have considerably expanded in recent years with both nations building strategic and commercial ties. Both nations formally established diplomatic relations in 1962. Both nations were colonised by the British Empire; India supported independence of Trinidad and Tobago from colonial rule and established its diplomatic mission in 1962 – the year that Trinidad and Tobago officially gained independence from British rule. They possess diverse natural and economic resources and are the largest economies in their respective regions. Both are members of the Commonwealth of Nations, the United Nations, G-77 and the Non-Aligned Movement (NAM). The Republic of India