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Question
Answer the following question.
"Indian trade had played a crucial role in the late nineteenth-century world economy." Analyze the statement.
Solution
The role of Indian economy in the nineteenth-century world economy can be explained as follows :
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India was a major exporter of raw materials to Britain.
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Indian markets were flooded with British manufactured goods.
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There was a trade surplus for Britain while trading with India. SO this trade surplus was used in many ways.
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Not only with Britain, but India also traded with China mainly in opium.
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