Question

EXPLAIN THE CONCEPTS : ECENOMY POLICIES OF BRITISH

Answer 1

Answer:

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Explanation:

• From 1600 to 1757, the East India Company’s role in India, was that of a trading corporation, which brought goods or precious metals into India and exchanged them for Indian goods like textiles, spices, etc., which it sold abroad.

• British’s profits came primarily from the sale of Indian goods abroad. It tried constantly to open new markets for Indian goods in Britain and other countries. Thereby, it increased the export of Indian manufactures and thus encouraged their production. This is the reason why the Indian rulers tolerated and even encouraged the establishment of the Company's factories in India.

• By 1720, laws had been passed forbidding the wear or use of printed or dyed cotton cloth in the UK.

• Other European countries, except Holland, also either prohibited the import of Indian cloth or imposed heavy import duties. In spite of these laws, however, Indian silk and cotton textiles still held their importance in foreign markets, until the middle of the 18th century when the English textile industry began to develop on the basis of new and advance technology.

• After the Battle of Plassey in 1757, the pattern of the Company's commercial relations with India underwent a qualitative change. Now the Company could use its political control over Bengal to push its Indian trade.
• The Company used its political power to dictate terms to the weavers of Bengal who were forced to sell their products at a cheaper and dictated price, even at a loss. Moreover, their labor was no longer free. Many of them were compelled to work for the Company for low wages and were forbidden to work for Indian merchants.

• The British Company eliminated its rival traders, both Indian and foreign, and prevented them from offering higher wages or pries to the Bengal handicraftsmen.

• The servants of the Company monopolized the sale of raw cotton and made the Bengal weaver pay exorbitant prices for it. Thus, the weaver lost by both ways, as a buyer as well as a seller. On the contrary, Indian textiles had to pay heavy duties on catering England.