Chapter

Growth and Structural Change

Tirthankar Roy

in The Economic History of India, 1857-1947

Third edition

Published in print December 2011 | ISBN: 9780198074175
Published online January 2013 | e-ISBN: 9780199082148 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198074175.003.0003
Growth and Structural Change

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The entire period in which India was under British colonial rule can be defined by three features: structural, global, and colonial. Structural features include the enormous importance of natural resources and labour to India's economic growth and welfare. Global features are tied to the fact that the country's economy was more open during this period than the periods before and after colonialism, and that India participated fully in the first globalization of the nineteenth century. Colonial features are linked to India's status as a colony, which was reflected by the large remittances paid by the government of India to the British. This chapter examines how these structural, global, and colonial features influenced the economic growth in the region. It first focuses on rates of economic growth and then offers an explanation for observed rates of growth. The chapter also discusses trade, savings and investment, government accounts, and balance of payments.

Keywords: India; economic growth; trade; savings; investment; government accounts; balance of payments; colonial rule; globalization; remittances

Chapter.  12073 words.  Illustrated.

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