The Drain of Wealth Theory was a significant concept in understanding colonial economic exploitation, primarily associated with Dadabhai Naoroji, and it explained how British policies led to India's economic impoverishment.
Consider the following statements regarding the ‘Drain of Wealth Theory’: (i) This theory was put forward by Dadabhai Naoroji. (ii) Lala Lajpat Rai submitted this theory to the Simon Commission as an explanation of India’s poverty. (iii) Mahatma Gandhi launched the Swadeshi Movement to establish the truth of this theory. (iv) The theory highlighted how British economic policies exploited India. Select the correct answer from the codes given below.
Asked in GS&EI ElectEngg 14 2024 1601 2025 · Topic: Economic Impact of British Rule on India (Drain of Wealth Theory and its Mechanisms)
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Answer: C. (i) and (iv) are correct
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