Write a very short note on Drain of Wealth.

The "Drain of Wealth" refers to the economic exploitation and extraction of wealth from India by the British colonial administration during the period of British rule. Coined by Dadabhai Naoroji, an early Indian nationalist and economic thinker, the concept highlighted the systematic economic drain inflicted on India, resulting in the impoverishment of the country.

According to Naoroji, the drain occurred through various channels, including the remittance of British salaries and profits earned in India to Britain, the unequal terms of trade favoring British manufacturers, and the financial burden of maintaining the British administration in India. He argued that this economic drain significantly contributed to the economic backwardness and poverty of the Indian subcontinent.

The drain of wealth theory became a crucial aspect of the early nationalist critique against British rule, providing an economic dimension to India's struggle for independence. It laid the groundwork for a deeper understanding of the economic exploitation inherent in colonialism, shaping the discourse on self-reliance and economic sovereignty in the subsequent phases of the freedom movement. The concept remains a significant historical and economic perspective in analyzing the impact of colonial rule on India's economic development.