It was only after 1870 that the need to industrialize received widespread acceptance by Indians. Around this time, India was institutionally ready for modern economic growth, if the government of the day had wanted it. If it had, our economic history would have been entirely different and free of poverty today. So why did the government resist native initiative in these areas? Why were British investments confined to export and export-related activities? The answer is obvious, and its impact is clear. India was made to miss the bus and has been running behind ever since to catch it.
