International Journal For Multidisciplinary Research

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An Economic History of Rural Indebtedness in Hyderabad State, 1911-1948: Credit Systems, Debt Cycles, and Agricultural Productivity

Author(s) Dr. D. Kishan
Country India
Abstract The paper discusses a complex relationship between rural indebtedness in Hyderabad State under the rule of Mir Osman Ali Khan (1911-1948) based on credit systems, debt relationships, and the resulting effect on agricultural outputs. The paper explores the agrarian distress structural basis in the feudal economy of the princely state with its jagirdari system, moneylending methods of exploitation, and the lack of institutional credit facilities. This study shows the interaction between the traditional credit networks that were dominated by sowcars (moneylenders), colonial economic policies, and world events like the Great Depression, culminated to the creation of continuous cycles of debt which trapped the peasantry. The paper also discusses the development of cooperative credit movements, which began in 1914-15, and the Cooperative Credit Societies Act of 1920 as the government's reaction to the rural indebtedness. The results indicate that modernization processes did not cause changes in practice, as about 70-80 percent of cultivators were in debt, and the interest rate was between 25 and 75 percent per year. This acute poverty played a major role in the stagnation of the agricultural sector, the farming lands being alienated, and ultimately led to the peasant uprising that was the order of the day during the last years of the Nizam's reign.
Keywords Rural indebtedness, Hyderabad State, moneylenders, agricultural credit, jagirdari system, cooperative movement, peasant economy, Telangana, Great Depression, land alienation.
Published In Volume 7, Issue 6, November-December 2025
Published On 2025-12-31
DOI https://doi.org/10.36948/ijfmr.2025.v07i06.65477
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