This work investigates the trajectory of India's economic development from the mid-19th century through the early 21st century to determine how colonial institutions and post-independence policies shaped modern economic outcomes. Tirthankar Roy, a professor of economic history, utilizes a synthesis of quantitative data and institutional analysis to challenge traditional narratives regarding the impact of British rule. He argues that India's economic transformation is best understood through the lens of global integration, technological change, and the evolution of domestic markets rather than solely through the prism of exploitation.

Scholars and economists frequently cite this text as a standard reference for understanding the long-term structural changes in the Indian economy. Readers often note the academic density of the prose, which requires a foundational understanding of economic principles to fully grasp the author's arguments.