Explain any four characteristics of the Indian Economy at the eve of independence.OR
What were the main features of Indian economy at the eve of Independence?
What were the main features of Indian economy at the eve of Independence?
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Four characteristics of Indian Economy at the eve of independence were:
- The Indian Economy was colonial in character in the sense that it had developed an industrial structure and a trade pattern that served only the interests of its colonial master.
- The economy was neither wholly feudalistic nor capitalistic. It was a mixed economy which could be called a "semi-feudal economy."
- Economy remained largely stagnant during the British Rule. For a period of about 100 years during the British rule, the rate of growth in per capita income was about 5% per annum.
- Indian economy had become a depreciated economy. This was because to meet the requirements of production, machinery and equipment were used very intensively, resulting in high degree of wear and tear, i.e., depreciation.
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