Correct the sequence on the emergence of new markets in the pre-colonial, colonial and post-colonial era.
(A) Rise of Marwaris as the best-known business community.
(B) New groups entered into trade and business in alliance with merchant communities.
(C) India was the major supplier of the manufactured goods to the world market.
(D) Expansion of the market economy in India under changing economic circumstances.
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (C), (B), (D), (A)
(C) India was the major supplier of the manufactured goods to the world market. — This was the pre-colonial position: before being colonised by the British, India was a major supplier of manufactured goods to the world market.
(B) New groups entered into trade and business in alliance with merchant communities. — With colonisation, new groups, especially the Europeans, entered trade and business, sometimes in alliance with existing merchant communities and sometimes by forcing them out.
(D) Expansion of the market economy in India under changing economic circumstances. — The expansion of the market economy under colonial rule gave new opportunities to some merchant communities, which re-oriented themselves to the changing economic circumstances; new communities also emerged and kept their economic power even after Independence.
(A) Rise of Marwaris as the best-known business community. — The Marwaris are the best example of such a new community: they rose in the colonial period and are today probably the most widespread and best-known business community in India, controlling much of its industry since Independence.
NCERT (2025-26): “Colonialism and the Emergence of New Markets … 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. But rather than completely overturning existing economic institutions, the expansion of the market economy in India provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances. 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.…” |