Answer :

The arrival of colonialism in India brought major changes in Indian economy –

a) It brought disruptions in production, trade and agriculture. A well-known example of it is the demise of Handloom Industry from India due to excess supply of cheap manufactured textiles from England.

b) In colonial era India was majorly linked with capitalist economy of the world.

c) Before colonialism India was a major supplier of manufactured goods to world market but after the arrival of British, India became a source of raw material in agricultural product and a consumer of manufactured goods which benefited the industries of England most.

d) The expansion of market economy in India provided new opportunities to some merchant communities who were able to improve their position by re-orienting themselves to the changing economic circumstances.

e) In some cases new communities emerged to take the advantage of the economic opportunities provided by colonialism and they continue to hold the economic power even in post-colonial period.

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