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The battle of Plassey stands as an important landmark in the economic history of India. The foreign conquest of the country started the process which culminated in the transformation of India’s economy into a colonial economy. In its first phase, the impact of foreign rule on India’s trade and industry was both violent and destructive. The trade and industry of the country, more particularly that of Bengal, received a severe jolt as a result of the policies of the East India Company and corrupt practices of its officials. This was, of course, short lived phase. By the end of the 18th century, British rule had been established in large parts of the country and had come to stay. Britain therefore, came to look upon India as her colony which had to be developed in the imperial interest.