Question

The only major industry in the hands of Indian capitalists during the late Nineteenth Century was:
1. Cotton textile
2. Jute
3. Iron and Steel
4. None of these

Answer 1

Correct Answer - Option 1 : Cotton textile

The correct answer is Cotton textile.

• For the period under consideration of cotton industry development in India in the 19th century, we shall distinguish five stages of Indian textile production and trade:
  • The years prior to 1830, involving a steady decline in the volume of Indian handmade exports from a high in 1790.
  • 1830-1850, when exports stagnated while the growth of imports from Britain was arguably not greater than the growth of domestic demand due to population growth.
  • 1850-1880, which saw accelerating textile imports, as well as the successful foundation of the domestic manufacturing industry.
  • 1880-1913, at the end of which imports peaked.
  • The post-1913 period, when domestic manufacturing dominated both imports and hand weaving. Textile mills were attempted in India as early as 1818.

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• Proof of developed cotton industry in 19th century 
  • There is a clear turning point in 1830 when the subcontinent becomes a net importer of cloth.
  • The mid-century acceleration of imports was halted by the “cotton famine” of the early 1860% but growth resumed thereafter.
  • In 1880 India became a net exporter of (machine-spun) yarn. Cloth imports fell after 1913, and never regained their prewar level. At the end of the period, yarn exports were being replaced by cloth exports.