SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Britain retained its monopoly control and ruled over India’s imports and exports. Half of India’s foreign trade was only authorised to Britain and the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).
Detailed explanation-2: -Consequently, India’s export basket during the colonial rule comprised mainly of primary product s like sugar, jute, raw silk, indigo, wool, etc and the imports comprised of finished consumer goods like cotton silk and woolen clothes and capital goods like light machinery from Britain.
Detailed explanation-3: -British economic policies gave them a monopoly over India’s large market and cotton resources. India served as both a significant supplier of raw goods to British manufacturers and a large captive market for British manufactured goods.