The Problem of the Rupee, Its Origin and Its SolutionAmbedkar, B. R. (Bhimrao Ramji)
History
The Problem of the Rupee, Its Origin and Its Solution
Ambedkar, B. R. (Bhimrao Ramji)
Currency question -- India
This change in the industrial evolution was marked by the growth of two
principal manufactures. One of them was the manufacture of cotton. The
cotton industry was one of the oldest industries of India, but during
100 years between 1750 and 1850 it had fallen into a complete state of
decrepitude. Attempts were made to resuscitate the industry on a
capitalistic basis in the sixties of the nineteenth century and soon
showed signs of rapid advance. The story of its progress is graphically
illustrated in the following summary table:—
TABLE XVII
_The Development of Indian Cotton Trade and Industry_
───────────────────────────────────────────────────────────────────────────
Growth of Trade (Average Annual Quantities
in each Quinquennium).
───────────────────────────────────────────────────────
1870–71 1875–76 1880–81 1885–86 1890–91
to to to to to
1874–75. 1879–80. 1884–85. 1889–90. 1894–95.
───────────────────────────────────────────────────────────────────────────
Imports of raw 23 52 51 74 89
cotton—thousands of
cwts.
───────────────────────────────────────────────────────────────────────────
Exports of raw 5,236 3,988 5,477 5,330 4,660
cotton—thousands of
cwts.
───────────────────────────────────────────────────────────────────────────
Imports of twist 33·55 33·55 44·34 49·09 44·79
and yarn
───────────────────────────────────────────────────────────────────────────
Growth of Industry (at end of each fifth
year).
───────────────────────────────────────────────────────────────────────────
Number of mills 48 58 81 114 143
───────────────────────────────────────────────────────────────────────────
Number of 1,000 1,471 2,037 2,935 3,712
spindles—000
omitted
───────────────────────────────────────────────────────────────────────────
Number of looms—000 10 13 16 22 34
omitted
───────────────────────────────────────────────────────────────────────────
Number of persons — 39,537 61,836 99,224 —
employed
───────────────────────────────────────────────────────────────────────────
Another industry which figured largely in this expansion of Indian
manufactures was jute. Unlike the cotton industry [pg 103] of India, the
jute industry was of a comparatively recent origin. Its growth,
different from that of the cotton industry, was fostered by the
application of European capital, European management, and European
skill, and it soon took as deep roots as the cotton industry and
flourished as well as it did, if not better. Its history was one of
continued progress.
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