During the British rule, India’s occupational structure saw significant changes:
Decline in Handicrafts and Artisanship: Traditional industries, particularly handloom and handicrafts, suffered due to competition from machinemade British goods.
Agrarian Economy: A large section of the workforce became dependent on agriculture as industrial activities remained underdeveloped.
Limited Industrial Employment: Employment in industries was restricted to a few sectors, like jute and tea plantations.
Read the following statements carefully:
Statement 1: Expost savings and Expost investments are equal at all levels of income.
Statement 2: Under the effective demand principle, the equilibrium output is equal to exante Aggregate Demand (AD). In the light of the given statements, choose the correct alternative from the following: