THE ECONOMIC CONDITION OF INDIA DURING THE BRITISH EAST INDIA COMPANY RULE (1757-1858): A STUDY

Abstract: India was famous for crafts and textiles in great demand in overseas markets; Delhi, Agra and Lahore were key trade and cultural hubs. The Company monopolized the sale of raw cotton and forced the Bengal weaver to pay through nose for that. So, the weaver lost in both ways, as a buyer and as a seller. On the contrary, Indian textiles had to bear heavy duties for feeding England. India had shrunk from the world’s preeminent manufacturing country to an emblem of famine and want. Objective: Examining India's economic situation during the British East India Company's administration is the study's goal. Methodology: All of the data used in this research was obtained from secondary sources. Results and Discussion: The expansion of the company's dominion was primarily manifested through two significant modalities. The initial modality entailed the unequivocal incorporation of Indian principalities, succeeded by the establishment of direct administrative control over the corresponding regions, which collectively amalgamated to constitute British India. This historical time saw significant economic changes, particularly during the British East India Company's dominance in India from the middle of the 18th century until the middle of the 19th century. During this time of significant global integration, India's old economic institutions and frameworks underwent significant changes to meet the needs of the British economy. Findings: India's economy was systematically exploited during the British East India Company's (EIC) administration, turning it from a thriving, independent system to a colonial one that served British interests. Deindustrialization, rising poverty, and economic outflow were the defining features of the time. Conclusion: Over the course of the East India Company's existence, the pre-colonial Indian economy underwent a number of changes and disturbances. The Company's local policies, which were mainly intended to enforce a British economic agenda, had a major impact on the growth of the agricultural sector, trade, commerce, and taxation systems.