Good reading but I suspect R. C. Majumdar did not fully understand the mechanics involved.

Ranajit Pal: Would appreciate if you could elaborate...

For one the word "Indian colony" is in itself a artifact of the European colonialism. The period in question should be named differently -- for one it was not a colony, but more a like a shared culture, evolving together and even periods of over lordship of Chola and other Indian rulers were not periods of colonizations.