Factories in India
In 1854, the first cotton mill in Bombay was established.
In 1862, four more cotton mills were started.
In 1855, the first jute mill was established in Bengal.
With the advent of cotton and jute mills factories can into existence in India.
The Early Entrepreneurs
Industries were set up in different regions by varying sorts of people.
Indians started trading from way back in the 18th century, when opium was exported to china from India.
Many Indians became junior players in this trade, providing finance, procuring supplies, and shipping consignments.
These traders invested their money in industries.
Let us look at a few early entrepreneurs in India
- Dwarkanath Tagore made his fortune in the China trade before he turned to industrial investment.
He set up 6 joint-stock companies in the early 1800s.
Jamsetjee Nusserwanjee Tata :-
Jamsetjee Nusserwanjee Tata
- Jamsetjee Nusserwanjee Tata built huge industrial empires in India.
- Initially he traded in raw cotton shipments to England and other goods to China.
- Some Indian merchants from Madras traded with Burma while others had links with the Middle East and East Africa.
- There were yet other commercial groups which operated within India, carrying goods from one place to another, banking money, transferring funds between cities, and financing traders.
- Many set up factories when opportunities of investment in industries opened up.
Colonial control over Indian Industry
- Colonial control over Indian trade hampered the Indian entrepreneurs.
- They were barred from trading with Europe in manufactured goods.
- They were pushed out of the shipping business.
- Bird Heiglers & Co., Andrew Yule, and Jardine Skinner & Co. were the European companies that dominated Industry in India.
- The European merchant-industrialists had their own chambers of commerce which Indian businessmen were not allowed to join.
Factory WorkersFactories needed workers. As factories increased the demand for workers increased.
The number of workers increased from 584,000 to 2,436, 000 in a span of 40 years.