The Early Entrepreneurs
The Early Entrepreneurs
Factories come up: Cotton and jute mills were the first to be established in India. The first cotton mill was set up in 1854 in Bombay and the first jute mill was set up in 1855 in Bengal. Till 1862, four mills were set up with 94000 spindles and 2150 looms. In North India, the Elgin mill was started in Kanpur in the l860s and a year later, the first cotton mill of Ahmedabad was set up. By 1874, the first spinning and weaving mill of Madras began production. Most of these industries were set-up by Indian entrepreneurs.
The Early Entrepreneurs: From the late 18th century, the British in India began exporting opium to China and took tea from China to England. Many Indian businessmen became junior players in this trade. They provided finance and procured supplies and shipping consignments. Some of them had visions to develop industrial enterprises in India. Some famous industrialists of 19th century were Dwarkanath Tagore, Dinshaw Petit, Jamsetjee Nusserwanjee Tata, Shiv Narayan Birla (Grandfather of GD Birla), Seth Hukumchand, etc. Dwarkanath Tagore set up six joint stock companies in the l830s and l840s. JN Tata set up first iron and steel works in India at Jamshedpur in 1912. Seth Hukumchand, a Marwari businessman who set up the first Indian jute mill in Calcutta in 1917 also trade with china . Some merchants from Madras traded with Burma, while others had links with the Middle East and East Africa.
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