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The ‘Drain of Wealth’ debate is one of the most critical and controversial issues in the history of the Indian economy between 1700 and 2000. It primarily revolves around the economic exploitation of India under British colonial rule, particularly between the mid-18th and early 20th centuries. The concept refers to the unrequited transfer of resources and wealth from India to Britain without any economic return. The drain constituted a significant portion of colonial India’s economic history and played a major role in underdevelopment and poverty in the subcontinent. Multiple scholars, political leaders, and economists debated and analyzed the scale, nature, impact, and justification of the drain. The origins of the drain of wealth lie in the transformation of the British East India Company from a trading body into a sovereign power after the Battle of Plassey in 1757. Once the company began collecting revenue in Bengal and other regions, it started exporting a substantial amount of Indian resources and profits to Britain. Unlike earlier trade exchanges, where goods were bought with bullion or in exchange for Indian goods, the British now used Indian revenues to purchase Indian goods and ship them to England, thereby making a one-way transfer. One of the earliest and most articulate critics of the drain of wealth was Dadabhai Naoroji. In his seminal work *Poverty and Un-British Rule in India* (1901), he argued that India was poor not because of any intrinsic weakness, but because of the systematic economic exploitation by the British. Naoroji identified several key channels of the drain: the remittances made by British officials and military personnel to Britain, the purchase of British goods using Indian revenue, the payment of pensions and salaries to British officers _______ _______ _____ __________ ______ ________ _______ _____ ________ __________.
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