24.

How did the advent of colonialism in India produce a major upheaval in the economy?

The advent of colonialism in India produced major upheavals in the economy:

1. Disruptions in production, trade and agriculture eg Handloom, village crafts, etc.
2. After colonization, India became a source of raw materials and agricultural products and a consumer of manufactured goods earlier it was a major supplier of manufactured goods to the world market.
3. British industrialization led to de-industrialization in India.
4. New groups emerged to take advantage of the economic opportunities provided by colonialism.
5. The emergence of new business communities transformed trade, banking, industry etc.