By Diet Rothermund
This compact publication describes the ecomonic heritage of India from the Moghul invasions, during the East India corporation and colonialism to the twentieth century. a lot has been written at the Indian financial system, yet this booklet makes an attempt to provide India's monetary heritage as a method. The publication locations the advance of agriculture and in political context and discusses foreign money and fiscal regulations, that are of primary significance in all classes of Indian historical past.
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Extra info for An Economic History of India: From Pre-Colonial Times to 1991
Bombay was also the export centre for opium smuggled from the Malwa highlands. The centres of production of this smuggled opium were mostly located in princely states and were therefore not controlled by the company’s opium agents. The Parsis, who later on emerged as the pioneers of industrial capitalism in India, accumulated a great deal of their capital in the cotton and opium trade in Bombay. Opium played its leading role only until 1834; at that time indigo emerged once more as the main export commodity and thus contributed to the rise of Bengali merchants, who now did the business earlier done by the agency houses.
Finally, in 1857, the Mutiny completely upset the pattern of exploitation of India by the East India Company. Communications were disrupted, some regions were cut off and thus prices rose in others. The re-conquest of Northern India required a great deal of military expenditure. The company could not remit money to London, but had to spend it in India and although it was victorious in the end, its coffers were empty and its system of extracting surplus from India had collapsed. The price rise that had been effected by the cumulation of these various events had a number of different consequences.
As long as freight rates were fairly high they impeded a full utilisation of the railway network, but they protected in this way the artisans of the interior from industrial competition and also prevented the depletion of stocks of grain in the country. This situation changed drastically towards the end of the nineteenth century. From 1880 to 1900 freight rates were reduced by one third. The shipments of grain for export increased in this period from 3 million to 10 million tons annually. The depletion of stocks of grain progressed very rapidly in this way.