- 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
Final Destination for Kerala PSC Notes and Tests, Exclusive coverage of KPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for KPSC Kerala PSC Notes brings Prelims and Mains programs for Kerala PSC Prelims and Kerala PSC Mains Exam preparation. Various Programs initiated by Kerala PSC Notes are as follows:-
- Kerala PSC Mains Tests and Notes Program
- Kerala PSC Prelims Exam 2024- Test Series and Notes Program
- Kerala PSC Prelims and Mains Tests Series and Notes Program
- Kerala PSC Detailed Complete Prelims Notes