Question

Write in detail the nature of Economic Nationalism.

Answer 1

The nature of Economic Nationalism refers to the policies and movements aimed at promoting a nation's economic interests by reducing dependence on foreign control. Its key features include:

1. Swadeshi Movement: Encouraged the use of Indian-made goods and boycotted foreign products to strengthen the local economy.
2. Promotion of Indigenous Industries: Focused on developing Indian industries like textiles, handicrafts, and small-scale businesses.
3. Opposition to British Economic Policies: Criticised unfair trade practices, heavy taxation, and exploitation of Indian resources by the British.
4. Self-Sufficiency (Atmanirbhar): Encouraged self-reliance in production and reduced reliance on imports.
5. Growth of Banking and Trade: Supported Indian-owned banks, industries, and trade networks to reduce economic dominance by foreign powers.
6. Encouragement of Agricultural and Industrial Reforms: Advocated modern techniques in farming and industry to boost production.