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New British economic policy is good Topics for group discussion

American political scientist Stanley a Kokanee is perhaps the most perceptive observer of Indian business and its interplay with the political system. His book Business and Politics in India (University of California Press, 1974) is still regarded as a seminal work. He traces the rise of the business community in India through the growing influence of British trade and commerce as well as the incipient industrialization in the middle of the nineteenth century. Therefore in India about upsc exam, although not in many other former colonial areas, indigenous capital emerged as a force in its own right. Considerable sectors of India's trading communities - especially the Parses, Gujarat is, Marwaris and Chatters - moved as the occasion arose from trade into industry. Most members of the Indian business community felt that British trade and economic policies discriminated in favour of foreign capital, placing the products of Indian industry in an unfavourable trading position compared to those of the British home islands.
'And so the Indian entrepreneurial elite came into sharp conflict with British colonial rule. Competition between foreign and indigenous capital led to increasing resentment toward British economic policy are good Topics for group discussion, and as a result the Indian entrepreneurial elite became strongly committed to the cause of political and economic nationalism. Eventually they supported the educated middle class in the founding of the Indian National Congress, which was formed as a pressure group demanding greater Indian participation in the colonial government. Although some businessmen dissociated themselves as the Congress became more radical (read: socialist), Indian business became the chief source of funds for the nationalist movement.'

The development of Indian business, both foreign and indigenous, began in Calcutta about the time the East India Company went into terminal decline. It followed the growing industrialization in India with the introduction of railways, coal mines, cotton mills and jute mills. Calcutta, Bombay and Madras emerged as the major centres of economic activity. 'It is important to note, however, that in each of these three major centres of economic activity, the pattern, timing, sources of capital and entrepreneurship varied considerably. Calcutta and Bombay in particular followed such distinctive patterns that the result was a longstanding rivalry within the entrepreneurial elite. In eastern India (Calcutta and other centres such as Dacca), development was carried out by the investment of European capital in trade, export, and extractive industries that were concentrated in jute textiles, tea, and coal. In western India (Bombay and other cities such as Ahmedabad), development was financed largely by indigenous capital and built around the traditional cotton textile industry of the area. Industrialisation in Madras drew on both indigenous and British sources, but it was developed at a later time and at a slower pace.'