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Financing industries. Since India was under the British rule for almost 200 years (1757-1947), the British Government, found it unprofitable and unnecessary to go for industrialization in India. However, imperialist capital came in this country as a matter of colonial policy-the policy of subordination of Indian to British capital. It was only after the First World War (1914-1918), that state patronage for industrial development was visible as Britain’s supremacy all over the globe came under serious threat. Against this backdrop, a “new” pattern was evolved to overcome the obstacles of (i) shortage of entrepreneurship; (ii) non-availability of, mainly, vent.

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