The Industrial Revolution In India In The Late 19th Century

Chapter-I

Introduction

1.1: The Problem

In the late 1700s and early 1800s the world saw the events we now call this Industrial Revolution. We transitioned from an agricultural economy to an industrial economy. During this time, technological and economic progress gained momentum with the development of steam powered ships, railways, and later within the 19th century with the internal combustion engine- an electrical power generation. The GDP

per capita was broadly stable before the Industrial Revolution in and the emergence of the modern capitalist economy. The Industrial Revolution began an era of per capita economic growth in capitalist economies. And we saw the American economy begin to flourish over time as the U.S became

The main defining feature of the Industrial Revolution was a dramatic increase in the per capita production that was made possible by the mechanization of manufacturing and the processes that were carried out in factories. Its main social impact was that it changed an agrarian economy into an urban industrial

Various reports, including the Indian Planning Commission’s reports on India as Knowledge Superpower: Strategy for Transformation (2001) and India Vision

2020(2002); A.P.J. Abdul Kalam’s 2002 Strategy India 2020: A Vision for the New Millennium (Kalam and Rajan 2002); and the High-level Strategic Group’s India’s New Opportunity; 2020 (AIMA 2003) underline ways to address India’s transition to the knowledge economy.

India’s initiatives have largely been developed around the three important pillars of the knowledge economy i.e. education, innovation and ICTs. . But to get the maximum benefits from investments in these areas, these initiatives must be part of a broader reform agenda, because some elements of our current economic and institutional regime are constraining full realizations of India’s potential. We will not be able to reap the full benefits of its investments in increasing education, ramping up ICTs, or even doing more R&D, unless its broader institutional and incentive regime stimulates the most effective use of resources in these areas, permits their development to the most productive uses, and allows entrepreneurial activity to flourish to contribute to India’s growth and overall development of the