Briefly discuss the main features of International trade during the British rule.
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The main features of international trade during the British rule are as follows:
- Exporter of primary products and importer of finished goods: Under the colonial rule, India became an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, jute, etc and an importer of finished consumer goods like cotton, silk and woollen clothes and capital goods like light machinery.
- Britain's monopoly control: More than half of India's foreign trade was restricted to Britain. The opening of Suez Canal in 1869 further intensified British control over India's foreign trade.
- Surplus trade but only to benefit britishers: Due to huge exports of primary goods, our balance of trade showed a surplus. But the surplus so generated was not used as an investment for future growth, but was spent by the Britishers to fight wars to expand their territory. Accordingly, there was a huge drain of Indian wealth.
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