Correct option is D
The Correct Answer is: (d) India’s trade was largely controlled by Britain, with limited trade with other nations like Sri Lanka, China and Iran
Explanation:
During the colonial period, India’s foreign trade was heavily controlled and structured to serve British economic interests. The British used India as a source of raw materials
During the colonial period, India’s foreign trade was heavily controlled and structured to serve British economic interests. The British used India as a source of raw materials
and a market for British manufactured goods.
Most of India's trade was done exclusively with Britain, and only limited trade existed with neighboring regions such as Sri Lanka, China, and Iran.
Information Booster:
• The Drain of Wealth theory, proposed by Dadabhai Naoroji, highlighted how colonial policies drained India's wealth to Britain, leading to economic impoverishment.
• Raw materials like cotton, indigo, and jute were exported to Britain.
• Colonial trade resulted in a net economic loss for India.
• Economic Impact: The colonial trade system disrupted local industries and led to the deindustrialization of India.
• The Drain of Wealth theory, proposed by Dadabhai Naoroji, highlighted how colonial policies drained India's wealth to Britain, leading to economic impoverishment.
• Raw materials like cotton, indigo, and jute were exported to Britain.
• Colonial trade resulted in a net economic loss for India.
• Economic Impact: The colonial trade system disrupted local industries and led to the deindustrialization of India.
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