Effects Of Imperialism On The Indian Economy - 1449 Words

Effects of Imperialism to the Indian Economy In 2015 India was ranked among the highest countries globally in consumer confidence, this comes after the International Monetary Fund estimated an economic growth of up to 7% annually for the next decade in India. But this hasn t always been the case, in fact, it wasn t so long ago that India was simply another colonized nation around the world, not to mention it s usually rare to see this kind of economic growth in such a small period of time. The Effects of globalization, with an emphasis on open trade networks, and the Imperial developments of the late 19th century have led to the emergence and rise of India s market-based economy. This growth has been affected in a very positive way over a span of centuries by a combination of stronger economic developments brought about by a massive increase in the countries labor force and the emphasis on education and self-governance. An exposure to both the Western economic systems during the impe rial age until their independence in 1947 and their subsequent involvement in the Asian, Middle Eastern and African trade routes from the late 15th century placed India in an economic equilibrium where they were able to benefit from both worlds and become one of the fastest growing economies. The global economic depression of the 1930 s combined with the two world wars was crucial in establishing early seeds of economic development in India. During the globalShow MoreRelatedBritish Imperialism in India Essay706 Words   |  3 PagesYears’ War and having Indians mutiny against British rule, Britain gained full control of India. India has been under the imperialist control of the British until their independence in 1947. 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