Oxfam report: India’s stolen wealth could carpet London 4 times over

The wounds of British rule have come again in the spotlight in 2025. India, once known as the 'bird of gold' for its vast riches, was looted for 200 years by the British—and the bill is quite high. 

Economic cost of Colonialism 

A new Oxfam report states that between 1765 and 1900, the British empire looted $64.82 trillion from India. Of this, $33.8 trillion went straight into the pockets of the richest 10 per cent of Britons. In 1750, India’s share of global industrial output stood at a whopping 25 per cent. By 1900, that number dwindled to a mere 2 per cent – the direct result of British protectionist practices that wreaked havoc on India’s flourishing textile industry. 

This systemic destruction was the first step taken to exploit India at the colonial level, thus setting an imbalance that still bears weight today. Oxfam has gone on to further detail the plunder inflicted by Britain on India's economy. 

Human cost of Colonialism 

The Oxfam report also highlights the devastating human toll of British rule in India. Between 1891 and 1920, 59 million excess deaths were recorded due to famine, disease, and poverty exacerbated by colonial policies.  The most tragic example of this is the 1943 Bengal famine where India lost over 3 million individuals through widespread famine. 

Such inhumane acts permanently altered the health of the country. Higher rates of obesity and diabetes start becoming a common theme among the younger population, all thanks to the metabolic changes that were enforced on the Indian population due to famines. These horrifying events stay as proof of the long-lasting trauma colonial policies have left on India and its people. 

Colonialism in modern times 

Oxfam’s report highlights the ongoing global inequities rooted in colonialism. The global south, including India, continues to face economic exploitation through multinational corporations—direct legacies of colonialism. These corporations dominate global supply chains, benefiting from cheap labor while profits flow to the global north. 

The report also criticises institutions like the World Trade Organization for failing to address the systemic disadvantages faced by the global south. According to the report, colonialism’s grip hasn’t loosened—it’s simply evolved into a new form of exploitation.