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Factories in India

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Factories in India - Lesson Summary

Jamsetjee Nasserwanji Tata, for the Tata group of industries and Dwaraknath Tagore one of the first Indian businessmen invested in shipping, shipbuilding, mining, and banking and insurance. Indians got involved in the British China trade by providing finance, procure supplies and ship consignments.

After making money from the China trade, some Indians decided to set up their own industries. In Bengal, Dwarkanath Tagore invested his money to set up six joint stock companies in the 1830s and 1840s, but they did not flourish.

Jamsetjee Nasserwanji Tata and Dinshaw Petit established industries in Bombay while Seth Hukumchand set up the first jute mill in Calcutta.

The stringent policies of the British government restricted their trade. Their exports were limited to items like cotton, opium, wheat and indigo which were required by the British.

European managing agencies were given the task of controlling Indian industries. These agencies rendered Indian industrialists helpless and had complete control over all the investments and key business decisions.

Indian factories multiplied in the second half of the 19 th century. The first cotton mill was established in Bombay in 1854. A few years later, the first jute mill sprung up in Bengal. A strong labour force was required in these mills which opened new avenues of employment. As the number of job aspirants increased, mill owners began to hire a jobber who helped manage recruitment.

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