Question

Write in detail the impact of Economic Nationalism.

Answer 1

The impact of Economic Nationalism was significant in India's struggle for independence and economic self-reliance. Its key effects include:

1. Boost to the Swadeshi Movement: Promoted Indian-made goods and boycotted foreign products, strengthening local industries.
2. Growth of Indigenous Industries: Encouraged the establishment of Indian-owned businesses, banks, and industries.
3. Resistance to British Economic Policies: Created awareness about British exploitation and led to protests against unfair taxation and trade policies.
4. Self-Reliance in Economy: Reduced dependence on foreign goods and promoted self-sufficiency in production.
5. Strengthening of National Identity: United people against economic exploitation and fuelled the demand for independence.
6. Development of Modern Industries: Inspired efforts to modernise agriculture, textiles, and other key sectors.

Thus, Economic Nationalism played a crucial role in shaping India's economic and political future.