- During Second half of 19th century, national movement which was now confined to the educated middle class started seeing expansion in its social base. The contribution of various sections varied and depended according to their interests.
- The period saw the emergence of Modern capitalist class with a substantial presence in the economy who could afford to stand against the government in open confrontation.
Conditions for Growth of Indian Business Class
- During World Wars and Great Depression, the grip of imperialism was weakened and indigenous industrialist class got impetus and space to grow.
- There was a growing trend towards import substitution in consumer goods and a shift of attitude towards the domestic market and with accumulated capital coming up for investments.
- Capital in the economy was now largely Indian. As evident from the fact that by 1944, nearly 62% of larger industrial units were controlled by Indian capital.
- Taking advantage of the crisis that British imperialism faced during this period, the Indian capital moved into areas such as iron and steel, cement and cotton.
- This class emerged despite and in opposition to imperialism and did not see any long-term class interest as being tied to the colonial masters.
