[[1]] and gold were imported to India against cotton and silk textiles.

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Detailed Solution

Silver and gold were imported to India against cotton and silk textiles.
India was famous for textiles, spices, stones, etc., exported to Europe in exchange for gold and silver. Similarly, in pre-colonial times, silver was imported to India for trade for cotton and silk textiles. The Europeans had nothing to export. However, when the British established their rule over India, they stopped importing silver. Instead, they utilised the revenues collected from the Indians to finance the export of textiles. The establishment of political power in India enabled the Europeans to exploit Indian products and commodities.

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