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By the foreign ruler remained, however, unaddressed-as usual. On the contrary, faced by the intense foreign competition, Indian industries in the mid- 19205 demanded protection in an unwavering manner. To this end, the Fiscal Commission was appointed in 1921 that ushered in a policy of discriminating protection. This was indeed a belated response to repeated demand made by the Indians from at least since the 1880s. The policy definitely helped some industries to develop. But the end result was rather a haphazard development of certain industries and not general economic development as such. In 1936, ‘The Economist’ observed India’s industrialisation effort s.

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