PERIOD OF FOREIGN INVESTMENT AND INTERNATIONAL COMPETITION FOR COLONIES (1858 to 1947) The third stage of British exploitation of India began in the 186Os. This stage was marked by the entry of big amount of foreign capital in India. It was the result of three major changes in the world economic situation: (i) end of the Britain's financial supremacy with the industrialisation of other West European and American countries; (ii) occurrence of several technological developments such as rise of steel and chemical industries, giving rise to extensive search for new and secure sources of raw material and food stuffs; and (iii) concentration of capital in banks and corporations and trusts and cartels. However, in India, the foreign capital was used by the colonial administration for fuller exploitation of Indian resources and not for their development. Thus the third stage of British rule was marked by a renewed upsurge of imperialist control.
Capital investment in India included (1) loans raised in England by the Secretary of State on behalf of the Indian government; (ii) loans raised by semi-public organisations mostly for investment in railways, irrigation, etc.; an foreign business investments.
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