Explanation:

No country under colonial dependence could undertake any industrial transformation, if not all-round development. Up to the First World War, India experienced the classic period of imperialism of free trade and the British Government’s unsympathetic, hostile policy against industry.

In addition, shortage of capital, management experience and technical expertise, as well as the absence of a growing indigenous market, and, above all, general poverty, caused slow expansion of Indian industries. Even then, one can safely conclude that during 1850-1914, the foundations of modern industries were laid in India.