Question
How did the advent of colonialism in India produce a major upheaval in the economy?
Solution
- The advent of colonialism in India produced major upheavals in the economy, causing disruptions in production, trade, and agriculture. Eg. Cheap manufactured textiles from England Completely destroyed the handloom industry and made the weavers jobless.
- Before being colonised by the British, India was a major supplier of manufactured goods to the world market, but after colonialism, India became a source of raw materials and agriculture and a consumer of manufactured goods.
- But with the colonialism, the expansion of the market economy in India provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances.
- In some cases, new communities emerged to take advantage of the economic opportunities provided by colonialism. 'Marwaris' is the best example of this process.
