'The Theory of Drain' is related to whom of the following?

The correct answer is Dadabhai Naoroji.

Key Points

• Dadabhai Naoroji is renowned for his significant economic critique of British colonial rule in India.
• He articulated the "Drain Theory," which argued that Britain was draining India of its wealth.
• Naoroji's seminal work, "Poverty and Un-British Rule in India" (1901), encapsulated his ideas on economic exploitation.
• He was a key figure in the early Indian National Congress and a staunch advocate for Indian self-governance.
• Naoroji's economic ideas laid the foundation for future Indian economic thought and anti-colonial movements.

Additional Information

• Drain Theory:
  • The theory posits that a significant portion of India's wealth was being transferred to Britain as a result of colonial policies.
  • It highlighted the transfer of resources through trade, salaries, pensions, and the cost of British administration.
  • Naoroji estimated that this "drain" amounted to millions of pounds annually.
  • This economic critique was pivotal in galvanizing Indian public opinion against colonial rule.
• Dadabhai Naoroji's Contributions:
  • He was the first Indian to be elected to the British Parliament in 1892.
  • Naoroji played a crucial role in the establishment of the Indian National Congress in 1885.
  • He worked tirelessly to raise awareness about India's plight in Britain and advocated for reforms.
  • Naoroji is often referred to as the "Grand Old Man of India" for his contributions to the Indian freedom struggle.
• Economic Impact of Colonial Rule:
  • British policies led to the deindustrialization of India's traditional handicraft industries.
  • Colonial taxation and land revenue systems exacerbated rural poverty and indebtedness.
  • India became a supplier of raw materials and a market for British manufactured goods.
  • This economic exploitation contributed to widespread famines and social dislocation.
• Legacy of Dadabhai Naoroji:
  • His pioneering work in economic theory influenced subsequent Indian leaders like Mahatma Gandhi and Jawaharlal Nehru.
  • Naoroji's ideas remain relevant in discussions of economic justice and post-colonial studies.
  • He is commemorated in India for his role in the independence movement and his advocacy for the Indian people.