Indian Economy on The Eve of Independence

Question

Indicate the volume and direction of trade at the time of independence.

Answer

Before independence, India had extensive trade relations with other countries of Asia and Europe. India's exports were cotton textiles, raw silk and silk fabrics, indigo, rice, wheat, sugar, paper and spices, precious stones, lac, mica, opium and drugs. Imports consisted of pearls, wool, dates, dry fruits, glass, Ivory, steel, copper, lead, tin, horses, paper, perfumes etc?. The cotton textile of India enjoyed a worldwide reputation and the demand for cotton textiles was all over the world.

India exported more than it imported. It had a favourable balance of trade. Large quantities of gold and silver flowed into India. India enjoyed a very important and unique position in world trade.

Sponsor Area