why were the mughals not interested to start local industries?
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The English and Dutch were granted 21-year permission of monopoly in the “East Indies”, which followed by the retorted answer from the Indian landlords – they encouraged the establishment of coastal posts for trade. Half a century afterwards, the competition for trade in the Indian Ocean was enhanced by the setting up of the British East India Company in 1664. It followed Jean-Baptiste Colbert's theory of Mercantilism that claimed to keep the national exports greater than the imports. In his Memorandum on English Alliances and Memorandum to the King on Finances written in 1669 and 1670 respectively, Jean-Baptiste Colbert defended his theory and tried to figure out a way of how to undercut the Dutch trade. This document gave evidence on the strength of the Netherlands’ trade in the 17th century not only in India but also in the Caribbean. Moreover, it gave the precise numbers of the Dutch superiority over both the British and the French – 15,000 to 16,000 vessels per year versus 3,000 to 4,000 for the British and 500 to 600 for the French. The British managed to increase the trade with textile with 22.7 million square meters over a period of just twenty years. They did that in the same year that France intervened in the Indian trade.