Correct option is A
In 1876, Dadabhai Naoroji prepared the first estimate of India’s national income. Known as the "Grand Old Man of India," Naoroji was a prominent figure in Indian politics and an early economic thinker who highlighted the economic exploitation of India under British rule. His work, including his book Poverty and Un-British Rule in India, discussed the "Drain Theory," where he argued that a significant portion of India's wealth was being drained to Britain, contributing to widespread poverty in India.
Naoroji's estimate of national income was a pioneering attempt, although limited by data constraints. He used various methods to approximate the per capita income and emphasized the need for accurate statistics to understand India’s economic conditions.
Important Key Points:
P.C. Mahalanobis (b) was instrumental in India’s statistical system, founding the Indian Statistical Institute and influencing the Five-Year Plans.
V.K.R.V. Rao (c) was an economist who contributed to economic planning and established key institutions like the Delhi School of Economics.
William Digby (d) was a British journalist who criticized colonial policies but did not estimate India’s national income.
- Dadabhai Naoroji was the first to estimate India’s national income in 1876.
- He introduced the "Drain Theory," arguing that British rule drained India’s wealth.
- Naoroji's calculations highlighted the economic disparity between India and Britain.
- His work raised awareness about the economic impact of colonial rule.
- The estimate was an early attempt at understanding India’s economic state.
- Naoroji’s efforts influenced future Indian economists and nationalists.
English
100 Questions
100 Marks
90 Mins
