Question

Q1) “The most important characteristics of India’s foreign trade through out the

colonial period was the generation of a large export surplus. But this surplus

came at a huge cost to the country’s economy “ . Do you agree with the above

statement ? Give valid reasons in support of your answer .

class 12 (2 marks each )​

Answer 1

Answer:

Since ancient times, India is one of the important trading nations.

But the discriminatory tariff and trade policies adopted by the colonial government unpleasantly hampered the structure, volume, and composition of India’s foreign trade

 Following was the state of India’s foreign trade during the colonial rule :Britain had monopoly control on foreign trade

Britain retained its monopoly control and ruled over India’s imports and exports.

Half of India’s foreign trade was only authorized to Britain

And the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).

In 1869, the beginning of the Suez Canal increased the British authority over India’s foreign trade.

Net exporter of raw material and importer of finished goods

Net Exporter of raw material- India became an exporter of primary products (raw material) such as raw silk, cotton, wool, sugar, indigo, jute, etc.

Importer of finished goods- India became an importer of finished consumer goods like cotton, silk and woollen clothes and capital goods like light machinery produced in the factories of Britain.

Drain of Indian wealth during british rule

Drain of wealth means that the main motive of economic policies in India was to snatch maximum benefits from India’s trade.

Foreign trade of India during the colonial period generated a surplus export due to excess exports.

However, this surplus export did not flow any silver or gold into India.

Rather, this surplus export was utilised to make payments for: i. The costs made for the office set up by the colonial government in Britain, ii. Expenses on the war fought by the British government, iii. Import of invisible items etc.

All of this led to the drain of Indian wealth

Answer 2

Answer:

Foreign trade means the exchange of goods and services between two or more countries/borders or territories. From the time of independence, India has been one of the important trading countries, exporting primary items like cotton, raw silk, sugar, wool, jute, and indigo, etc. Moreover, importer of finished consumer goods like woollen clothes, cotton, silk, and capital goods like light machinery manufactured in Britain.

During this period, Britain held the monopoly of over India’s imports and exports. Therefore, most of the foreign trade was restricted only to Britain and other was while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).

India was a large exporter in the colonial period. However, it did not affect the country’s economy. Commodities like food grains, clothes, kerosene hit the country hard with its scarcity.

Explanation:

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