Could British follow an industrial policy beneficial for Britain as well as India? Explain.
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Certainly, there could be an industrial policy which would have mutually benefitted two nations:
- Britain could first fulfill domestic needs and then export the surplus to their industries abroad.
- Instead of ruining handicraft industry of India, it could take it over in its control and get income which it should have spent partly for Britain's growth and partly for India.
- It should have spent on human capital formation in India and took advantage of it in the form of increased output, better technology and more revenue.
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