A lot has been said about how India, once upon a time( Say,the 17th Century) was the richest country in the world. Even more has been said about how the British plundered our wealth and looted all of our Treasures and sent it away to England.
But there is a better, more valid and probably less patriotic (?) reason as to why in 1947, India was one of the poorest nations in the world.
The discovery of vast quantities of ______ in the U.S. and various European colonies all contributed to an event known as 'The fall of the Rupee'.Suddenly, An Indian Rupee could not buy as much as before.
Why? Put fundaes...
6 comments:
saffron?
India followed a silver standard economy under british rule so the rupee was weak after independence... ??
Oh yeah, everyone else followed a gold standard...
Yeah, that's correct...
silver standard alright,but one must not forget the machinations of montagu norman who precipitated the currency crisis leading to the bengal famine.the 30s were the worst period for india. the silver standard devaluation occured in the 19th century.India was richer than the US in 1900.lots happened in the intervening 30 -40 years.so when chidambaram or chacha manmohan speak of 5000 years of poverty,i feel the need to whack their ignorant heads./end of rant
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