The British East India Company was officially incorporated by a Royal Charter on December 31, 1600. While incorporated in 1600, the company established its first permanent factory in India at Surat in 1613. The company was founded to trade in the East Indies, later leading to British colonial rule in India.
During the colonial period, India's industrial development was the result of British policies. Which of the following options best describes the nature of industrial development in India at the eve of independence?