Arrange the statements given below in such a manner that depicts the emergence of new markets and business groups in India during colonial era.
(A) Raw materials and agricultural products were exported from India to England under colonial rule.
(B) India began to be linked to the world capitalist economy, at the same time new groups entered into trade and business.
(C) During pre-colonial era, India was a major supplier of manufactured goods to the world market.
(D) In contemporary times, some of the Marwari families in India control India's industry.
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (C), (A), (B) and (D)
(C) During pre-colonial era, India was a major supplier of manufactured goods to the world market. — the starting point: before being colonised by the British, India was a major supplier of manufactured goods such as handloom cloth.
(A) Raw materials and agricultural products were exported from India to England under colonial rule. — after colonisation, India became a source of raw materials and agricultural products and a consumer of manufactured goods, both largely for the benefit of industrialising England.
(B) India began to be linked to the world capitalist economy, at the same time new groups entered into trade and business. — in the colonial era India became more fully linked to the world capitalist economy, and at the same time new groups (especially the Europeans) entered into trade and business; new communities such as the Marwaris rose to take the new opportunities.
(D) In contemporary times, some of the Marwari families in India control India’s industry. — the present: communities that rose in the colonial period continued to hold economic power after Independence, and the Marwaris are represented today by leading industrial families such as the Birlas.
NCERT (2025-26): “Colonialism and the Emergence of New Markets … The advent of colonialism in India produced major upheavals in the economy, causing disruptions in production, trade, and agriculture. A well-known example is the demise of the handloom industry due to the flooding of the market with cheap manufactured textiles from England. Although pre-colonial India already had a complex monetised economy, most historians consider the colonial period to be the turning point. In the colonial era India began to be more fully linked to the world capitalist economy. Before being colonised by the British, India was a major supplier of manufactured goods to the world market. After colonisation, She became a source of raw materials and agricultural products and a consumer of manufactured goods, both largely for the benefit of industrialising England. At the same time, new groups (especially the Europeans) entered into trade and business, sometimes in alliance with existing merchant communities and in some cases by forcing them out.…” “…In some cases, new communities emerged to take advantage of the economic opportunities provided by colonialism, and continued to hold economic power even after Independence.…” “…A good example of this process is provided by the Marwaris, probably the most widespread and best-known business community in India. Represented by leading industrial families such as the Birlas, the community also includes shopkeepers and small traders in the bazaars of towns throughout the country.…” |