Credit, Rural Debt and the Punjab Peasantry (1849-1947) by Sukhdev Singh Sohal

Credit, Rural Debt and the Punjab Peasantry (1849-1947) by Sukhdev Singh Sohal

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Debt and Economic Inequalities in Colonial Punjab: A Snapshot

  • Debt's Role: Debt often deepened economic disparities. While colonial administrators saw it as a sign of prosperity for landlords and surplus-producing peasants, the reality was different.

  • Who Was Most Affected?: A significant number of indebted households were tenants and small-scale farmers. This impact was often overlooked by colonial administrators.

  • Punjab's Debt Crisis: The Punjab Committee on Indebtedness (1934) identified land revenue as a primary cause of debt in Punjab. Despite housing only 7% of India's population, Punjab's debt was a staggering 16% of India's total, labeling it as a 'heavily indebted' province.

  • Underlying Issues: Punjab's farmers faced challenges like accessing low-interest credit, rising rural debt, legal disputes, and land loss to non-farming entities.

  • Colonial Objective: The primary goal of the colonial regime was to maintain control, facilitating further economic extraction and exploitation.

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