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Answer the Following Question. "Indian Trade Had Played a Crucial Role in the Late Nineteenth-century World Economy." Analyze the Statement. - Social Science

Short Note

Answer the following question.
"Indian trade had played a crucial role in the late nineteenth-century world economy." Analyze the statement.

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Solution

The role of Indian economy in the nineteenth-century world economy can be explained as follows :

  • India was a major exporter of raw materials to Britain. 

  • Indian markets were flooded with British manufactured goods.

  • There was a trade surplus for Britain while trading with India. SO this trade surplus was used in many ways. 

  • Not only with Britain, but India also traded with China mainly in opium.

Concept: Making of a Global World - Nineteenth Century Global Economy, Colonialism
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