What do you understand by "Drain of Wealth Theory"? Also examine its impact on Indian economy.
Answer: After 1860’s, early Indian Nationalists started carefully analyzing the British economic policies and put forward "Economic Drain Theory". Under which they argued that, Indian self-sufficient economy transformed into colonial economy serving colonial interest.
- They said, substantial national product are not available for domestic consumption rather are being drained away from India, in the form of salaries and pension for civil and military professionals, payment of interest on loan taken by British India from abroad, store purchased in Britain for civil and military department, payment of services like ship-building, insurance, etc.
- On the basis of the above observation, they argued ....
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General Studies Mains Questions And Answers
- 1 Digital transformation holds immense potential for bringing about rapid socio-economic development of rural India. Discuss.
- 2 Discuss the contribution of moderates in the Indian freedom movement by describing the various methods adopted by them.
- 3 Give an account of the evolution of the relationship between the British power and the Indian princely states during the British rule, mentioning the key developments.
- 4 Describing the importance of big dams in India, throw light on the problems associated with them. Discuss the efforts made for dam safety in the country.
- 5 Urbanization is a double-edged sword for women. Discuss the challenges faced by women in cities and describe the measures to overcome them.
- 6 What is the Model Code of Conduct? Describe the importance and challenges of Model Code of Conduct.
- 7 Discuss the functions and role of the Election Commission of India. How does the Election Commission ensure free and fair elections in India?
- 8 BIMSTEC is an important organization to strengthen India's position in South-East Asia. Mention the major obstacles to the integration of BIMSTEC.
- 9 India and the US have agreed to move forward in the field of space cooperation. Discuss the limiting factors in the path of space cooperation between the two countries and suggest ways to solve them.
- 10 The Nuclear Non-Proliferation Treaty is considered important to prevent the spread of nuclear weapons; yet India is opposed to this treaty. Explain.
