“India played a crucial role in the late 19th century world economy”. Explain. -SST 10th

“India played a crucial role in the late 19th century world economy”. Explain. -SST 10th
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(i) Britain had a ‘trade surplus’ with India. Britain used this surplus to balance its trade deficits with other countries. (ii) Britain’s trade surplus in India also helped pay the so-called ‘home charges’ that included private remittances home by 3ntish officials and traders, interest payments or. India’s external debt, and pensions of British officials in India. (iii) in the nineteenth century, hundreds of thousands of Indian and Chinese labourers went to work on plantations in mines anc in rood and railway construction projects around the world. (iv) India also provided raw material to the developing industries of the world. (v) India become a major market for the final goods: especially cotton textile.
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