Why did Indian seller increase the prices of the goods, sold to the European companies?
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The Indian sellers increased the prices of the goods sold to Europe as Europe was the second-largest destination of Indian goods.
Explanation:
- The European traders used to but Indian goods at low rates and sell them at high rates in their countries.
- That's why Indian sellers increased the rates of their goods as they were unique, had good quality, and were only available in India.
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This was because the Europeans intended to buy goods from Indian market at a cheaper price and then sell in their domestic market, which had a huge demand in the European market. The high demand for India's goods amongst European traders led to price increase
Explanation:
- India was known for its fine silk & cotton qualities & had a big European market for these products. High demand was also placed on Indian spices like cloves, cinnamon, pepper , & cardamom. European trading enterprises have therefore been drawn to India.
- The issue was that everyone in Europe wanted to purchase the same things. Competition in Europe has inevitably raised prices. This decreased the profit that could be gained from buying Indian goods.
- Only through the elimination of rival competitors could the trading companies thrive. Therefore, the desire to secure markets resulted in fierce fighting between trading companies. Throughout the 17th and 18th centuries, the rival ships regularly dropped ships & blocked routes, preventing the movement of goods supplies.
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