Indian entrepreneurs play a vital role in foreign trade. They have managed to foster Indian products in the foreign market and give an international recognition to the Indian products. They have traded their products with outside countries and made them popular.
The British in India began exporting opium to China and took tea from China to England. Many Indians participated in this trade by providing finance, procuring supplies and shipping consignments. In Bengal, Dwarkanath Tagore made his fortune in the China trade and established six joint-stock companies in the 1830s and 1840s.
In Bombay, Dinshaw Petit and Jamsetjee Nusserwanjee Tata built huge industrial empires in India. They accumulated their initial wealth partly from exports to China and partly from raw cotton shipments to England. Merchants from Madras traded with Burma, Middle East and East Africa. Other trading activities included carrying goods from one place to another, banking, transferring funds between cities and financing traders. However, Indian traders were barred from trading with Europe in manufactured goods and had to export raw materials and food grains required by the British. They were also gradually edged out of the shipping business.
Trade has become an increasingly important part of China’s overall economy, and it has been a significant tool used for economic modernization. The direction of China’s foreign trade has undergone marked changes since the early 1950s. In 1950 some three-fourths of the total was accounted for by trade with noncommunist countries, but by 1954—one year after the end of hostilities during the Korean War—the situation was completely reversed, and communist countries accounted for about three-fourths. During the next few years, the communist world lost some of its former importance, but it was only after the Sino-Soviet breach of 1960—which resulted in the cancellation of Soviet credits and the withdrawal of Soviet technicians—that the noncommunist world began to see a rapid improvement in its position. In 1965 China’s trade with other socialist countries made up only about one-third of the total.
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Answer:
Indian entrepreneurs play a vital role in foreign trade. They have managed to foster Indian products in the foreign market and give an international recognition to the Indian products. They have traded their products with outside countries and made them popular.
The British in India began exporting opium to China and took tea from China to England. Many Indians participated in this trade by providing finance, procuring supplies and shipping consignments. In Bengal, Dwarkanath Tagore made his fortune in the China trade and established six joint-stock companies in the 1830s and 1840s.
In Bombay, Dinshaw Petit and Jamsetjee Nusserwanjee Tata built huge industrial empires in India. They accumulated their initial wealth partly from exports to China and partly from raw cotton shipments to England. Merchants from Madras traded with Burma, Middle East and East Africa. Other trading activities included carrying goods from one place to another, banking, transferring funds between cities and financing traders. However, Indian traders were barred from trading with Europe in manufactured goods and had to export raw materials and food grains required by the British. They were also gradually edged out of the shipping business.
Explanation:
Trade of China
Trade has become an increasingly important part of China’s overall economy, and it has been a significant tool used for economic modernization. The direction of China’s foreign trade has undergone marked changes since the early 1950s. In 1950 some three-fourths of the total was accounted for by trade with noncommunist countries, but by 1954—one year after the end of hostilities during the Korean War—the situation was completely reversed, and communist countries accounted for about three-fourths. During the next few years, the communist world lost some of its former importance, but it was only after the Sino-Soviet breach of 1960—which resulted in the cancellation of Soviet credits and the withdrawal of Soviet technicians—that the noncommunist world began to see a rapid improvement in its position. In 1965 China’s trade with other socialist countries made up only about one-third of the total.