Question

Explain the following:
The port of Surat declined by the end of the eighteenth century.

Answer 1

The port of Surat declined by the end of the eighteenth century on account of the growing power of European companies in trade with India. They secured many concessions from local courts as well as the monopoly rights to trade. This led to a decline of the old ports of Surat and Hoogly from where local merchants had operated. Exports slowed and local banks here went bankrupt.