The structure and performance of firms and markets for trade and manufacture in colonial India after 1860 were heavily influenced by institutional developments that had occurred in the first century of British rule. The history of Indian industry across the nineteenth century has often been analysed in terms of deindustrialisation, with British rule seen as destroying handicraft industries and ruining their workforce by commercialising agriculture. In contrast to Bombay, the industrial history of eastern India was heavily influenced by the emergence of managing agency firms run by British expatriates, which represent the classic colonial business sector in India. The Tata Iron and Steel Company has been widely regarded as a unique example of a successful large-scale, innovative industrial enterprise in India, and one that was set up and run under Indian leadership, with Indian capital and largely with Indian labour. Revenue tariffs became an essential source of income for the Government of India during and after the First World War.