ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by Vibha IyerSubscribe to Vibha Iyer

A Re-examination of Gold Flows in India during the Inter-war Years

Having been an importer of gold through the 19th and early 20th centuries, for the first time in its recorded colonial history, India witnessed massive gold exports to the tune of over `3.5 billion in the latter half of the inter-war years. Gaps in the recording of trade statistics during the period coupled with an inadequate understanding of the colonial economy have led to wrongly accounting for these exports as commodity gold exports. A reclassification of India’s gold flows during the inter-war years shows that India’s gold exports, which rightfully belonged in the capital account, were an outcome of a distress-driven sale of assets by the Indian peasantry in the 1930s and aided Britain’s recovery from the depression.

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