Question

"Opening up of Suez Canal helped in establishing the British monopoly control over India's foreign trade".

Justify the given statement with valid arguments.

Answer 1

1. The commerce route to India decreased from the old route that crossed the Cape of Good Hope in South Africa as a result of the opening of the Suez Canal.
2. Furthermore, the British gained total monopoly control over all Indian foreign trade with Europe since they owned the Suez Canal in Egypt.
3. However, the British government held exclusive control over India's foreign trade while it was a colony. The interests of their native nation guided the British government's employment of trade policy.
4. Only India and Britain were allowed to engage in export and import activities. In one sense, India's exports gave British businesses access to inexpensive raw materials, while in the other sense, India's imports from Britain opened up a new market for British goods.
5. Furthermore, Britain used the surplus money from international trade for administrative and military purposes in order to expand their colonial power rather than investing it in the Indian economy.