Between 1765 and 1900, the United Kingdom robbed India of approximately USD 64.82 trillion, altering the global economic landscape. According to Oxfam International’s recent report, this money was overwhelmingly pouring into Britain’s wealth account, with the top 10 per cent acquiring USD 33.8 trillion of the loot.
“The richest 10 per cent received 52 per cent of this income.” According to the report, the expanding middle class took an additional 32 per cent. This shift of wealth, driven by colonial strategy, not only harmed India’s financial system but also accentuated the financial disparities that remain today.
Before colonial rule, India was the major economic power that generated nearly 25 per cent of the world’s industrial output in 1700. By 1900, these numbers had dropped to 2 per cent. Oxfam linked this drop to protectionist laws that intentionally hampered India’s industrial sector.
In order to protect the industries of Britain, the colonial rulers passed stringent regulations on Asian textiles—an industry that was then the pillar of the Indian economy.
“This was more than mere economic exploitation; it was systematic destruction,” the report notes; it was beyond textiles. India’s resources were shifted to support Britain’s industrial expansion, leaving the once flourishing economy in chaos.
The report further emphasizes Britain’s role as a “colonial drug pusher.” In the eastern part of India, Opium production was enforced in vast quantities, which was shipped to China. This trade generated severe addiction, ruined Chinese civilization, and stroked the famous Opium War.
The British Empire flourished, and the social and economic consequences of this trade wiped out millions, leaving profound marks on India and China.
The report highlights a connection between colonial exploitation and modern global disparities. It argues that wealth-grabbing mechanisms developed by entities such as the East India Company remain in use today by the multinational companies to steal the fortune from the global South, maintaining the colonial history of economic disparities.
“The deeply unequal world we live in today is a direct result of colonialism,” Oxfam stated. The Global South continues to recover from the effects of colonial pillage. It continues to shoulder the burden of wealth mining. In contrast, the most prosperous countries in the Global North enjoy the perks.
This study offers more than the record of historical injustices; it outlines how to repair the damage colonialism has created. Oxfam warns that the exploitation is not yet done; it demands acknowledgement, reliability, and effort to end the pattern of inequality that continues to impact the world around.
