Who of the following was/were economic critic/ critics of colonialism in India?1. Dadabhai Naoroji2. G.Subramania Iyer3. R.C. DuttSelect the correct answer using the codes given below.
✓ Correct answer: d) 1, 2 and 3
ExplanationDadabhai Naoroji, R.C. Dutt, Ranade, Gokhale, and G. Subramania Iyer were among the moderate leaders who established Indian nationalism on the principles of anti- imperialism by formulating the first comprehensive economic critique of colonialism.Option (d) is correct: Dadabhai Naoroji (Grand Old man of India) in “Poverty and UnBritish Rule in India” propounded Drain of Wealth Theory.Romesh Chandra Dutta in “The Economic History of India” pointed to the absence of protection for India’s infant industries, and the negative implications of even constructive efforts like the railways which facilitated the import of British manufactured goods.G.V. Joshi pointed out that the development in India was like a subsidy to the British Industries.Justice Mahadev Govind Ranade, G. Subramaniam Iyer, G.K. Gokhale etc. examined every facet of the economy and subjected the entire range of economic issues and colonial economic policies to minute scrutiny.221
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