When talking about Indian history, it is impossible to ignore the British colonial period. In India, everybody knows how the British Empire looted India and made it poor from being the wealthiest nation during the colonial period.
Before the British Empire invaded India, it was referred to as the “golden sparrow.” India was known as the wealthiest country in the world and contributed more than 30% of the world’s GDP. It was also known for its rich culture before the colonial period. However, the British Empire came, looted everything from India, made it one of the poorest countries, and destroyed all the traditional and rich culture of the nation.
After the colonial period ended and India gained independence, many independent agencies from around the world, including from Britain, have estimated over time that the British looted trillions of dollars from the country.
Recently, a report has been published by “Oxfam International,” providing a detailed account of how the British colonial empire depleted India’s resources to sustain its own economic interests at the expense of the country. The report explains how much money the British looted during 200 years of rule and how they transformed the world’s wealthiest country into one of the poorest.
British Looted $64.82 Trillion from India During Colonial Period
The report published by “Oxfam International,” titled Takers, Not Makers, revealed that the British looted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900.
The report also highlighted that out of the looted USD 64.82 trillion, USD 33.8 trillion went to the richest 10% of Britain’s population. According to the report, 50% of the benefits from the looted wealth were captured by only the top 10% of the upper-class population in the United Kingdom.
Oxfam International released this report before the start of the annual meeting of the rich and powerful across the globe at the World Economic Forum in Davos, Switzerland, highlighting the long-lasting effects of colonialism on economic systems and inequality.
Every year, the organization publishes its report on the first day of the World Economic Forum Annual Meeting.
Looted Amount is Enough to Carpet London with £50 Notes 4 Times
According to the report published by Oxfam International, the British Empire looted over USD 64.82 trillion from India during the colonial period. The amount looted by the United Kingdom is so vast that it could carpet the surface area of London with £50 notes almost four times.
Additionally, only 10% of Britain’s upper-class population benefited from 50% of this looted wealth.
Multinational Corporations: A Modern Creation of Colonialism
Oxfam International also stated that multinational corporations are a modern creation of colonialism, and due to their monopolies, workers in the Global South are being exploited.
“In the modern day, multinational corporations, often occupying monopoly or near-monopoly positions, continue to exploit workers in the Global South, particularly women workers, on behalf of rich shareholders primarily based in the Global North,” the report said.
The wages of workers in the Global South are 95% lower than wages in the Global North for work of equal skill. Multinational corporations dominate global supply chains, benefiting from cheap labor and the continued extraction of resources from the Global South. They capture the vast majority of profits and perpetuate dependence, exploitation, and control through economic means, Oxfam International added in its report.
Global Industrial Output Dropped from 25% to 2%
The report also mentioned that before 1750, the Indian subcontinent accounted for approximately 25% of global industrial output. However, by the end of 1900, this dropped to merely 2%, due to policies implemented by the British Empire.
