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Sunday | 6 October 2024 | Epaper

The Rise and Growth of Economic Nationalism in India

Reviewed by Md Mahabub Alam

Published : Saturday, 30 December, 2023 at 12:00 AM  Count : 1322
Bipin Chandra
The Rise and Growth of Economic Nationalism in India" is a celebrated work by Indian-Marxist historian Bipin Chandra, published in 1966. The book provides a detailed analysis of the arguments given by early nationalist thinkers during the latter half of the 19th century who aimed to explain the cause of Indias chronic poverty by presenting a well-informed and nuanced critique of the British economic policies in India. Chandra has used various sources, including contemporary writings of the early nationalists, government reports, provincial conferences, Congress proceedings, speeches, and debates, as well as vernacular and English newspapers and journals.

The book is divided into fifteen chapters that deal with different aspects of the nationalist understanding of British economic policies and their dire consequences on the Indian economy. The first chapter deals with Indias poverty and its explanation by early nationalists like Dadabhai Naoroji, R.C. Dutt, D.E. Wacha, G.V. Ghosh, M.G. Ranade, G.S. Iyer, P.C. Ray, and G.K. Ghokhale. The book highlights the decline of indigenous industries due to the British policy of free trade, which was imposed for the benefit of British manufacturers. This led to ruralization and the loss of indigenous industries.

The second and third chapters discuss the stagnation of industry in India, with early nationalists arguing that the decline was due to the British policy of reducing India into a source of cheap raw material and a market for London manufactured goods. They also criticized the unfair competition imposed on India by Britain, citing British trade ethics.

The book also addresses issues of unequal foreign trade, railways, tariffs, and currency exchange. Early nationalists criticized the export of necessities, such as food grains, which they claimed resulted in famine conditions. They also criticized the development of railways, which they argued were meant to serve British political and economic interests while imparting colonial character to the Indian economy.

The book concludes with the theme of public finance, where early nationalists argued that taxes imposed by Britain on poverty-stricken India were oppressive and unjustified. They also criticized the increasing military expenditure, which they saw as a waste of Indian resources for British imperialism.

Chandras book delves into the drain of wealth theory, which suggests that a portion of Indias annual product was exported to England without adequate returns. This theory, first proposed by Dadabhai Naoroji in his work, Poverty and Un-British Rule in India, was later adopted by other contemporary nationalists. It posits that the drain affected capital accumulation, vital for industrial development and employment, and the non-economic aspect, seen as spiritual degradation and the emasculation of Indian masses.

Chandra critiques the British perception of the universality of classical economic theories, arguing that these laws do not apply to under-developed countries like India. He emphasizes the importance of early nationalist leaders in raising economic issues to the political level, mobilizing diverse sections of Indian masses, and laying the foundation for a nationwide movement. Despite criticism, Chandra admires the contributions of early nationalists, who identified root causes of problems such as the annual drain, widespread poverty, frequent famines, industrial retardation, and currency imbalance. However, he criticizes their unwelcoming approach towards regulations like the Factory Acts of 1881 and 1891.

In conclusion, Chandras book offers a comprehensive analysis of the drain of wealth theory and its role in shaping Indian economic history. However, it could have been more enriching if Imperial writers arguments and internal contradictions were highlighted. Despite these limitations, it is a unique and comprehensive work that aptly deals with the rise of Economic Nationalism in India during the 19th century.

The reviewer is currently pursuing Masters at Jawaharlal Nehru University in New Delhi, India


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