Choose given statement is true/false:

The East India Company asserted monopoly rights in India by introducing a system of advances to weavers.

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Detailed Solution

The above statement is True.
The East India Company asserted monopoly rights in India by introducing a system of advances to weavers to prevent company weavers from dealing with other buyers. It was an advance payment or loan made to the weavers to buy raw materials. This eliminated competition, controlled prices, and ensured regular supplies to the emerging market. The East India Company appointed the Gomasthas to work as a facilitator between the Company and the weavers. Gomasthas role was to collect cloth supplies and examine their quality. Those weavers who had taken the credit had to hand over the finished products to the Gomastha and not to the other merchants.

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