Question

How were Indian merchants replaced by foreign merchants?

Answer 1

Dear Student,


Merchants from Central Asia through land and sea routes established a vast network of export trade .This trade network also involved bankers, merchants in giving finances/advances to weavers, in supplying goods to exporters.These European companies were granted monopoly righst and concessions from the rulers to trade in India.This impacted the trade network of Indian merchants in places like Surat. It effected the trade, exports also declined from these ports. As a result these bankers virtually went bankrupt.

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