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1947: A rally before freedom
Business Standard
|April 17, 2025
The period leading up to Independence had been good for the stock market.
Shares began to gain momentum after the central Budget of February 1946. There were hopes of availability of cheaper capital, higher dividend, and an accumulation of surplus investible funds. The economic adviser's general index, a proxy for the stock market used by the Reserve Bank of India (RBI) at the time, gained 12 per cent between June and August. Some profit-booking followed.
"...profit-taking... was later followed by a violent break in September, following the outbreak of communal disturbances in several parts of the country, the Economic Adviser's index receding to 282 during this month," according to the RBI's 1946-47 Annual Report. The communal riots of the time had economic consequences.
For example, the textile industry in Amritsar faced damaged machinery and labour shortages due to the dislocation caused by partition.
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