- Dadabhai Naoroji: ‘Poverty in India’ (1876)
- He claimed that the drain of wealth and capital from the country which started after 1757 was responsible for absence of development in India.
- Drain was done through trade, industry and finance
- Two elements of the drain
- That arising from the remittances by European officials of their savings, and fro their expenditure in England
- Arising from remittance by non-official Europeans
- India has to export much more than she imported to meet the requirements of the economic drain
- In 1880 it amounted to 4.14% of India’s national income
- Consequences of the Drain
- Prevented the process of capital formation in India
- Through the drained wealth, the British established industrial concerns in India owned by British nationals
- It acted as a drag on economic development
JPSC Notes brings Prelims and Mains programs for JPSC Prelims and JPSC Mains Exam preparation. Various Programs initiated by JPSC Notes are as follows:-
- JPSC Mains Tests and Notes Program
- JPSC Prelims Exam 2024- Test Series and Notes Program
- JPSC Prelims and Mains Tests Series and Notes Program
- JPSC Detailed Complete Prelims Notes