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Option 1 : (A) and (B) only
Among the given statements regarding economic critique of colonialism, the correct statements are (A) and (B) only.
- The early nationalists led by Dadabhai Naroji, R.C. Dutt, Dinshaw Wacha and others, carefully analysed the political economy of British rule in India, and put forward the "drain theory" to explain British exploitation of India.
- They opposed the transformation of of a basically self-sufficient Indian economy into a colonial economy.
- However, the Britishers administrators attributed the rapid construction of railroads and the growth of India's foreign trade as a proof of India's prosperity.
- But the economic critiques of colonialism exposed the Britishers' argument that the growth of foreign trade and railways implied development for India.
- The nationalists pointed out that a negative impact on indigenous industries, foreign trade and railways represented India's underdevelopment of economy.
- The nationalists also emphasized that while expenditure served British imperial needs, it also brought consequent poverty and unemployment to Indian people.
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In 1896, in its annual session held at Calcutta, the Indian National Congress adopted the 'drain theory' by proclaiming that the famines in the country and poverty of the people had been brought on by the drain of wealth from the country.
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The Moderates were able to create an an all India public opinion that British rule in India was the major cause of India's poverty and economic backwardness.
Based on the above discussion, we can conclude that the following statements regarding economic critique of colonialism are correct:
(A) The British administrators attributed the rapid construction of railroads and the growth of India's foreign trade as a proof of India's prosperity.
(B) For nationalists, a negative impact on indigenous industries, foreign trade and railways represented India's underdevelopment of economy.
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