ICSE Class 10 Answered

The Swadeshi and Boycott movements were insistent on economic self reliance, which meant an assertion of self-confidence. It aimed at the promotion of indigenous industries for strengthening the country. This explicit influence on self reliance gave a much needed stimulus to the cottage industries and also to large scale enterprises. Many textile mills, soap and match factories, handloom weaving concerns were founded. This improved the demand for Swadeshi goods and in turn gave a boost to the production.

The establishment of the Tata Iron and Steel Company in the Singhbhum district of Jharkhand began the production of indigenous iron and steel. Due to the Swadeshi spirit, the capital of this company came from Indians. Many joint stock banks were founded by mahajans and zamindars. Acharya P.C. Ray set up the Bengal Chemical Swadeshi Stores. Rabindranath Tagore also helped in opening a Swadeshi store.