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Asked by Praneeth Last Modified
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Edusmart Skills
Over the 19th century, the British manufacturers . flooded the Indian market. Foodgrain and raw material which were exported from India to Britain increased.The value of British exports to India was much . higher than the value of British imports from India. Thus, Britain had a ‘trade surplus’ with India and used this surplus to balance its trade deficits with other countries.
In this way, a multilateral settlement system works. It allows one country’s deficit with another country to be settled by its surplus with a third country.
India played a significant role in world economy by helping Britain balance its deficits. This trade surplus of Britain helped the home charges i.e. private remittances of British officials, traders, interest payments on external debt and pensions of British officials in India.
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