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Asked by Neeta Last Modified
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The drain of wealth theory was propounded by Dadabhai Naoroji in the 19th century.
•During the colonial period the British exploited the Indian resources and their prime motive to conquer India was that they could make it a source of cheap raw materials for their own industries.
•Large export surplus was generated by India's foreign trade but it benefitted Britain more than it did India.
•The income of Indians was spent on expensive imports of finished goods from Britain, which made Britain richer at the expense of India.
•The Indians were employed in the British army at low salaries.
•The expenses of War and administration incurred by the British government to manage their Colonial rule in India were drawn from the revenue collected from India.
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Mandakini Singh
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The drain of wealth means that the main motive of economic policies in India was to snatch maximum benefits from India’s trade. ● Foreign trade of India during the colonial period generated a surplus export due to the excess exports. ● However, this surplus export did not flow any silver or gold into India.
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The drain of India's well during the colonial period is all about extracting of raw material from India to the industrial of Britishers companies where they convert the raw material into finished good and sell them in the market and taking out the money from Indian economy by selling their products at higher prices.
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