Industrial Revolution - A Brief History
Starting at the historic year 1750, the Great Britain stood as a serious competitor with imperialist giants at that time, like the Portugal, France and Dutch Republic. A century later, Britain was unrivalled when it came to the revolutions of machinery. They spent their treasuries for funding research during their conquest in India. The East Indian companies established strict laws with regards to the development of business. It went to the extent of relationship needed to procure right output from the Indians.
The export of raw materials for cotton from India is said to have crippled the markets of Britain. It although was not a fair share and the exports were kept limited. During the period of the conquest, the export from India increased only in the name of tributes.
The Britain though was the inception for revolution never wanted the Indians to thrive from it. They were more patriotic and when it came to produce, they exported a huge share to their motherland. This hazardous plight was but recognized only by a few of the intellectuals of that time, who started the movement of Salt Satyagraha and Indian products.
The colonization's impact weakened the accelerated pace in which our economy was growing. The Britain unfortunately believed in the Orwellian concept of society "Ignorance is strength". They never tended to educate Indians above a certain level, and when it came to researches and scientific advances it was heavily controlled by colonization.
A major point to be noted is that, though British wanted to see an industrial revolution in India, their ultimate aim was the urbanization of Britain's economy. It did not support the Indian sectarian development and half of the nation was reeling under the brink of persecution and poverty.
Negative trade balance, inflation and poverty were the prime de-motivators that started the rebellion. The demand growth was heightened wherein the imports were plunged down and this phenomenon chained Indians. It made them participate in race of industrial revolution though they were unwilling.
India at that time did not enter into the macabre race of industrial revolution. It did not have time to concern itself with the theologies of business like globalization, urbanization and privatization. The stink of heavy hand on development of goods by the British did not leave the Indians even after freedom. They had very strict rules with regard to the private sector and this in turn deepened the economic loss already incurred by Indians due to the British.
Manmohan Singh, a financial reformer of 1980 did a speculative research on the Fragility of Growth with connection to Liberalization and deregulation of Industry. He also strived to show the government about the significance of external trade. That is when the markets started opening up for new initiatives, and raw materials were started to be exported from neighboring countries. The Indian government spent a great deal of the fiscal stimulus trying to liberalize the norms with regards to FDI and privatization. This was the advent of the true Indian industrial revolution.