Putin slams West and US for ‘double standards’; cites plundering of India & Africa
- October 2, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Putin slams West and US for ‘double standards’; cites plundering of India & Africa
Subject: History
Context–
- Russian President Vladimir Putin has reminded the world of the West’s colonial policy, plundering of India and Africa, slave trade, and the use of nuclear and chemical weapons by the US, as he slammed them for their “utter deceit” and “double standards” on insisting on a rules-based global order.
- It is worth reminding the West that it began its colonial policy back in the Middle Ages, followed by the worldwide slave trade, the genocide of Indian tribes in America,the plunder of India and Africa…This is contrary to human nature, truth, freedom and justice.
How Britishers looted India?
Drain of Wealth (Economic Imperialism) theory–
- The “Drain of Wealth” theory was first highlighted by “Dadabhai Naoroji” in his book “The Poverty and Un-British Rule in India” in 1867.
- Further Other India economic critique of British rule analysed and developed it, including R.P. Dutt, G. Subramaniam Aiyar and M.G. Ranade.
- The constant flow of national wealth from India to England for which India did not get an adequate economic, commercial or material return has been described by Indian national leaders and economists as ‘drain’ of wealth from India.
- The colonial government was utilising Indian resources– revenues, agriculture, and industry not for developing India but for its utilization in England.
- After the East India Company extended its territorial aggression in India and began to administer territories and acquired control over the surplus revenues of India, the company had a recurring surplus which accrued from-
- Profits from oppressive land revenue policy,
- Profits from its trade resulting from monopolistic control over Indian markets,
- The company’s servants earned large incomes through their participation in inland trade.
- British Free Merchants made fortune through their private trade.
- Exactions made by company officials.
- During the year 1757-1766 individual Englishmen received from the princes and other persons in Bengal no less than 50 millions of current rupees in the form of illegal presents and prerequisite.
- The practice continued even after the prohibition imposed by the court of Directors in 1766.
- Among the persons against whom charges covering the post 1766 period have been made on this ground are Warren Hastings and his supporter in the Council, Barwell.
- Private fortunes obtained by the company’s servants and other Europeans in India were remitted to Europe through various means-
- One of these was sending diamond to Europe
- The other was to issue bill of exchange on the East India Company or any of the other European companies.
- This entire ‘surplus’ used by Company as an ‘investment’ i.e. for making purchases of exportable items in India and elsewhere.
- Against the exports of goods made out of this ‘investment’,India did not get anything in return.
- This is how there began the ‘Drain of Wealth’ which is nothing but a unilateral transfer of fund.
- Dadabhai Naoroji and other economic nationalists gave several factors that caused external drain. These are:
- “Home Charges” or paying for the secretary of state and his establishment at the India Office in London, as well as pay, pension and training costs for the civilian and military personnel– or “the ment who rules India”.
- Before the Revolt of 1857 the Home charges varied from 10% to 13% of the average revenue of India, but after the revolt it shot up to 24% in the period of 1897-1901.
- During 1921-22, the Home Charges sharply increased to 40% of the total revenue of the Central Government.
- Annuities on account of railway and irrigation works;
- Guaranteed interest on foreign investments in railways, irrigation, road transport and various other infrastructural facilities,
- Indian office expenses including pensions to retired officials who had worked in India or England, pensions to army and navals etc.
- Remittances to England by Europeans to their families.
- Remittances for purchase of British Goods for consumption of British employees in India.
- Interest on Foreign debt incurred by the East India Company.
- Civil and Military expenditures.
- Council Bills
- “Home Charges” or paying for the secretary of state and his establishment at the India Office in London, as well as pay, pension and training costs for the civilian and military personnel– or “the ment who rules India”.
- Council Bills–
- The actual transfer of money took place through the sale of “Council Bills”, which were sold in London in sterling to purchasers of India goods who received Indian rupees in exchange. This causes the “Drain of Wealth”.
- Sir John Strachey explained the ‘Council Bills’ in 1888 ‘The Secretary of State draws bills on the government treasury in India, and it is through these bills, which are paid in India out of the public revenues, that the merchants obtains the money that he requires in India and the Secretary of State the money that he requires in England.’