Which of the following statement (s) is/are correct in the context of international trade of India during colonial times?

Statement 1: For all practical purposes, Britain maintained a monopoly control over India’s exports and imports during colonial times.

Statement 2: A little less than half of India’s foreign trade was restricted to Britain while the rest was allowed with a few other countries like China, Ceylon (Sri Lanka) and Persia (Iran). 

Only Statement 1 is correct.

The correct answer is Option 1: Only Statement 1 is correct.

Statement 1: For all practical purposes, Britain maintained a monopoly control over India’s exports and imports during colonial times. This is correct.

Statement 2: A little less than half of India’s foreign trade was restricted to Britain while the rest was allowed with a few other countries like China, Ceylon (Sri Lanka) and Persia (Iran). This is incorrect.  More than half of India’s foreign trade was restricted to (not less than half) Britain while the rest was allowed with a few other countries like China, Ceylon (Sri Lanka) and Persia (Iran).