UK Extracted $64.82 Trillion from India During Colonial Rule, Report Reveals Shocking Economic Plunder

New Delhi (The Uttam Hindu): A recent report by Oxfam International has revealed that the United Kingdom extracted a staggering $64.82 trillion from India during its colonial rule between 1765 and 1900. This massive wealth transfer primarily benefited the wealthiest 10% in the UK who amassed approximately $33.8 trillion, highlighting severe economic inequalities that persist to this day. Titled "Takers, Not Makers" the report was presented at the World Economic Forum and sheds light on the lasting effects of colonial exploitation on present-day global disparities.

The wealth drained from India was so vast that it could have covered London nearly four times in £50 notes, vividly illustrating the scale of plunder. According to the report, colonial policies dismantled India’s thriving industrial base, triggering widespread poverty and dependency that continue to affect the country. In 1750, India contributed around 25% of the world’s industrial output. However, by 1900 this figure had plummeted to a mere 2%. This decline is attributed to British policies favoring imported goods over local industries, leading to de-industrialization and the impoverishment of millions.

The report also highlights that the wealth extracted from India was a cornerstone of Britain’s economic growth during the colonial era. The East India Company, a forerunner of modern multinational corporations serves as a prime example of how colonial powers exploited the resources and labor of colonized nations. The study emphasizes that these practices laid the foundation for contemporary corporate structures, which often perpetuate inequalities in the Global South. Furthermore, the report underscores the systemic nature of wealth extraction rooted in colonialism which has created a deeply unequal world shaped by divisions of race and class. The legacy of this exploitation remains evident today with modern corporations and affluent individuals continuing to benefit from the profits amassed during the colonial period.