What was the condition of Indian industries at the time of the First World War?
Till the First World War, the condition of Indian industries had become as mentioned below : A large sector of Indian industries was controlled by European Managing Agencies. These Agencies mobilised capital, set up joint-stock companies and managed them. In most instances, Indian financiers provided the capital while the European Agencies made all investment and business decisions. The European merchant-industrialists had their own chambers of commerce which Indian businessmen were not allowed to join.
