Which of the following statement (s) is/are correct?

Statement 1: India had an independent economy before the advent of the British rule.

Statement 2: There was hardly any manufacturing activities and agriculture was the main source of livelihood for most people before the advent of the British rule.

Only Statement 1 is correct.

India had an independent economy before the advent of the British rule. Though agriculture was the main source of livelihood for most people, yet, the country’s economy was characterised by various kinds of manufacturing activities. India was particularly well known for its handicraft industries in the fields of cotton and silk textiles, metal and precious stone works etc. These products enjoyed a worldwide market based on the reputation of the fine quality of material used and the high standards of craftsmanship seen in all imports from India