I think it was the below book.
Key passage from the review “Company officials engaged in a systematic orgy of asset-stripping Bengal, contributing to one of Bengal’s worst famines, killing millions. Rather than organise effective tax or famine relief, as was common among Indian rulers, the Company maintained its tax harvesting to sustain a high share price.”
Ultimately their pillaging and destruction damaged the company.
https://blogs.lse.ac.uk/lsereviewofbooks/2020/01/14/book-rev...
This had dropped to 2% by Independence of India in 1947...
I think pillaging is an understatement. It was a systematic transfer of wealth, probably like no other.
(and don't give me the "bengal was about to industrialize!!!" crap)
I mean, don't forget literally destroying the textile industry in India through a combination of targeted maiming and outright genocide. For centuries, Indian textiles had been the most sought-after across Europe and Asia, to the point where even today many modern words for textiles are Indian toponyms.
The textile portion of the British industrial revolution is pretty simple: they used slave labor to produce their raw materials (imported from the US) and destroyed their competition through violence and force, ensuring they could sell at virtually any price for nearly pure profit.
>> Modern views on the decline Since the 1970s historians have taken multiple approaches to the decline, with little consensus on which factor was dominant. The psychological interpretations emphasise depravity in high places, excessive luxury, and increasingly narrow views that left the rulers unprepared for an external challenge. A Marxist school (led by Irfan Habib and based at Aligarh Muslim University) emphasises excessive exploitation of the peasantry by the rich, which stripped away the will and the means to support the regime.[75] Karen Leonard has focused on the failure of the regime to work with Hindu bankers, whose financial support was increasingly needed; the bankers then helped the Maratha and the British.[76] In a religious interpretation, some scholars argue that the Hindu powers revolted against the rule of a Muslim dynasty.[77] Finally, other scholars argue that the very prosperity of the Empire inspired the provinces to achieve a high degree of independence, thus weakening the imperial court.[78]
Jeffrey G. Williamson has argued that the Indian economy went through deindustrialization in the latter half of the 18th century as an indirect outcome of the collapse of the Mughal Empire, with British rule later causing further deindustrialization.[79] According to Williamson, the decline of the Mughal Empire led to a decline in agricultural productivity, which drove up food prices, then nominal wages, and then textile prices, which led to India losing a share of the world textile market to Britain even before it had superior factory technology.[80] Indian textiles, however, still maintained a competitive advantage over British textiles up until the 19th century.[81]
This is not to excuse the British, but perhaps India would've been better off without them, perhaps not, the alternative, if there wasn't a single government, could've been a patchwork of dysfunctional extractavist states, like what you see in Africa. It may have been possible for a large south asian society to organize itself in an egalitarian fashion, but unless some miracle happened they would've been overrun by foreign capitalists, who had far more power than any other class in history, because South Asia is incredibly labor and resource rich, and at the time the only parts of the world that had even developed industrial capitalism were in the "west", Europe and the US, not to mention the only place that avoided that fate, Japan--the latter being moreso an exception that proves the rule (and which, after all, turned fascist during WW2).
That skips over the rape, murder and utter destruction quite tidily. The British were not there to help and I don’t think that could be a valid argument at any stretch.
Interesting to imagine what that counterfactual world might have looked like.
[1]: https://en.wikipedia.org/wiki/Alexander_the_Great#Last_plans