Indian Economy on the Eve of Independence test - 1

India’s per capita income during colonial period was estimated by some individual. Among the notable estimators — Dadabhai Naoroji, William Digby, Findlay Shirras.

During the first half of the twentieth century of Indian economy remained almost stagnant. This was clear from the fact that for almost a century, the average annual growth rate of per capita income in India was not more than 0.5%.

About 85 percent of the country’s population lived mostly in villages and derived livelihood directly or indirectly from agriculture.

Traditional methods of cultivation and low level of technology like manual ploughing are mainly responsible for low productivity of agriculture. 

Capital Goods refer to products that are used in the production of other products but are not incorporated into the new product. These include machine tools, industrial machinery.

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's  territory  in a specific time period.

GDP is commonly used as an indicator of the economic health of a country. Gross domestic product (GDP) is the monetary value of all the final goods and services produced within a country's borders in a year.

Tata Iron and Steel Company was founded  and established on 26 August 1907.

 Railways is a state –owned Industry during the colonial period, responsible for rail transport in India. 

During colonial period India became an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, jute etc. and an importer of finished consumer goods like cotton, silk and woollen clothes.