Why did cotton export from Surat and hoogly and Port declined by 1740?
Answers
(i) Most of the European companies had huge resources, so it was very difficult for the Indian merchants and traders to face the competition.
(ii) The European companies were gaining power by securing a variety of concessions from the local courts
(iii) Some of the companies got the monopoly rights to Dade.
All this resulted in the decline of the old ports of Surat and Hoogly through which local merchants had operand. Exports from these ports fell dramatically, the credit that had financed the earlier trade began drying up. and the local bankers slowly went bankrupt.
(iv)In the last years of the seventeenth century, the gross value of -race that passed through Sura: had been t 16 million. By the 1740s. it had slumped to 3 million rupees.
(v) With the passage of time. Surat and Hoogly decayed. Bombay (Mumbai), and Calcutta (Kolkata) grew.