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This has happened before - during the British Raj (or rule) in India. While Britain brought technological advances, they were for the benefit of Brits, not for the Indians. British companies didn't train local Indians or put them in management positions. Those policies kept India's GDP growth under a third of a percent until independence in 1947 - and the effects took decades to shake off. It wasn't until the Green Revolution in the late 60's that India's GDP got above 2% growth per year, and it was the human investment of the government-funded Indian Institutes of Technology that has given India the ability to have sustained high growth in the technological sector over the last 25 years.