List any four economic impact of East India company rule in India
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Explanation:
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Answer:
A number of historians point to the colonization of India as a major factor in both India's deindustrialization and Britain's Industrial Revolution.[1][2][3] The capital amassed from Bengal following its 1757 conquest helped to invest in British industries such as textile manufacture during the Industrial Revolution as well as increase British wealth, while contributing to deindustrialization in Bengal.[1][2][3] British colonization forced open the large Indian market to British goods, which could be sold in India without any tariffs or duties, compared to local Indian producers who were heavily taxed, while in Britain protectionist policies such as bans and high tariffs were implemented to restrict Indian textiles from being sold there, whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market. British economic policies gave them a monopoly over India's large market and cotton resources.[4][5][6] India served as both a significant supplier of raw goods to British manufacturers and a large captive market for British manufactured goods.[7]
Indian textiles had maintained a competitive advantage over British textiles up until the 19th century, when Britain eventually overtook India as the world's largest cotton textile manufacturer.[5] In 1811, Bengal was still a major exporter of cotton cloth to the Americas and the Indian Ocean. However, Bengali exports declined over the course of the early 19th century, as British imports to Bengal increased, from 25% in 1811 to 93% in 1840.[8] India, which was previously the world's largest economy under the Mughal Empire in 1700, had by 1820 fallen to become the second largest economy, behind Qing China.[9]