Question

Consider the following statements about Indian Economic History and find the 'correct statements'.

1. Dadabhai Naoroji explained drain theory in his book 'Poverty and Un-British rule in India'.

2. Romesh Chandra Dutt examined in minute detail the entire economic record of colonial rule since 1857 in his book 'The Economic History of India'.

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Answer 1

Correct Answer - Option 1 : 1 only

The correct answer is 1 only.

• Dadabhai Naoroji:
  • Dadabhai Naoroji, known in the pre-Gandhian era as the Grand Old Man of India. 
  • Born in 1825, he became a successful businessman but devoted his entire life and wealth to the creation of a national movement in India.
  • Work: Poverty and Un-British Rule in India. Hence, Statement 1 is correct.
  • The Drain Theory was established by him.
• Romesh Chandra Dutt:
  • Romesh Chandra Dutt, a retired ICS officer, published The Economic History of India at the beginning of the 20th century in which he examined in minute detail the entire economic record of colonial rule since 1757. Hence, Statement 2 is incorrect.

• The Indian national movement was deeply rooted in an understanding of the nature and character of colonial economic domination and exploitation.
• Its early leaders, known as Moderates, were the first in the 19th century to develop an economic critique of colonialism.
• They raise awareness via nationalist agitation through popular lectures, pamphlets, newspapers, dramas, songs, and Prabhat pheris.
• After 1860 as the reality of social development in India failed to conform to their hopes and they began to notice that while progress in new directions was slow and halting, overall the country was regressing and under developing.
• Three names stand out among the large number of Indians who initiated and carried out the economic analysis of British rule during the years 1870-1905.
• Dadabhao Naoroji, RC Dutt, G.V. Joshi, G. Subramaniya Iyer, G.K. Gokhale, Prithwis Chandra Ray, and hundreds of other political workers and journalists analyzed every aspect of the economy and subjected the entire range of economic issues and colonial economic policies to minute scrutiny.
• They raised basic questions regarding the nature and purpose of British rule.
• They were able to trace the process of the colonialization of the Indian economy and conclude that colonialism was the main obstacle to India’s economic development.