India was the largest producer of industrial goods in the world in the 17th century. The principle exports were cotton textiles, Silk, Spices, Indigo, Sugar, Medicinal Herbs, Gems and Handicrafts. The balance of trade favored India as imports were lesser.
The trade and commerce in India started declining towards the end of Aurangzeb reign.The economy of that period has been termed as shrinking economy. The decline of Mughal empire after the death of Aurangzeb led to a non condensive environment for the production and marketing of commercial goods.
An act was passed in 1700, that prohibited the import of Asian Silk, printed and colored textile to India. In 1720, another act was passed prohibiting the wearing of cloth not painted in England.
After the battle of Buxar, India became a colonial economy from surplus economy and the British trade became monopolistic from competitive.
The wealth of Bengal started flowing out to England in the 18th century and population of Bengal was reduced to 1/3 and 1/3 became jungle in which animals used to live. The textile of Bengal were famous worldwide on which Britishers established monopoly. The agent of company established monopoly over weavers by paying them in advance (Dadani).
In 1772, an officer of the company, Bolts wrote,'Those weavers who well their produce to any other than company, their produce were confiscated and were fined, in case of non payment of fine they were imprisoned, there were cases of cutting of thumbs, this encouraged most weavers to quit their profession.'
In 1765, Clive gained monopoly over the manufacture of Salt by a society. In 1768, manufacture of salt was stopped and then Zamindars and Indian traders could make only on payment of 30% duty. In 1772, Company once again started making salt. In 1776, Warren Hastings started the system of leasing, the right to make and sell salt. (In 1758, Clive obtained monopoly over Salt Petre from Mir Jaffer).
In 1793, Indigo became an important commodity of export. 'British free traders' were Indigo planters who exploited Indigo peasants.
Like Indigo, company also established monopoly over Opium in Bengal and Bihar. This Opium was mainly exported to China.
The Industrial revolution in England in the last decade of 18th century and early decades of 19th century led to increase in productive capacity. The British producers managed to capture the large market for their goods in India by their political power. This led to an economic revolution and India became the land of poors.
In 1815, the government of Bengal reduced import duty on Britishers by 25% which was a serious blow to the Indian Cotton industry.
The trade and commerce in India started declining towards the end of Aurangzeb reign.The economy of that period has been termed as shrinking economy. The decline of Mughal empire after the death of Aurangzeb led to a non condensive environment for the production and marketing of commercial goods.
An act was passed in 1700, that prohibited the import of Asian Silk, printed and colored textile to India. In 1720, another act was passed prohibiting the wearing of cloth not painted in England.
After the battle of Buxar, India became a colonial economy from surplus economy and the British trade became monopolistic from competitive.
The wealth of Bengal started flowing out to England in the 18th century and population of Bengal was reduced to 1/3 and 1/3 became jungle in which animals used to live. The textile of Bengal were famous worldwide on which Britishers established monopoly. The agent of company established monopoly over weavers by paying them in advance (Dadani).
In 1772, an officer of the company, Bolts wrote,'Those weavers who well their produce to any other than company, their produce were confiscated and were fined, in case of non payment of fine they were imprisoned, there were cases of cutting of thumbs, this encouraged most weavers to quit their profession.'
In 1765, Clive gained monopoly over the manufacture of Salt by a society. In 1768, manufacture of salt was stopped and then Zamindars and Indian traders could make only on payment of 30% duty. In 1772, Company once again started making salt. In 1776, Warren Hastings started the system of leasing, the right to make and sell salt. (In 1758, Clive obtained monopoly over Salt Petre from Mir Jaffer).
In 1793, Indigo became an important commodity of export. 'British free traders' were Indigo planters who exploited Indigo peasants.
Like Indigo, company also established monopoly over Opium in Bengal and Bihar. This Opium was mainly exported to China.
The Industrial revolution in England in the last decade of 18th century and early decades of 19th century led to increase in productive capacity. The British producers managed to capture the large market for their goods in India by their political power. This led to an economic revolution and India became the land of poors.
In 1815, the government of Bengal reduced import duty on Britishers by 25% which was a serious blow to the Indian Cotton industry.
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