Choose the below statement is true or false;

After the American Civil War, India saw a surge in the price of raw Cotton.

Question

Choose the below statement is true or false;  After the American Civil War, India saw a surge in the price of raw Cotton.

Accepted Answer

The above statement is True.As England's cotton industries grew, industrial groups became anxious about imports from other countries. For Manchester goods to sell in Britain without any outside competition, they persuaded the government to impose import taxes on cotton textiles. Industrialists also convinced the East India Company to simultaneously advertise British goods in India. Early in the nineteenth century, exports of British cotton products rose sharply. Nearly no cotton piece goods had been imported into India by the eighteenth century. However, cotton pieces comprised over 31% of Indian imports' value by 1850 and over 50% by the 1870s. Thus, the collapse of their export market and the oversupply of Manchester imports on the local market caused the cotton weavers in India to experience two issues at once. The imported cotton products were cheaper because machines made them, so weavers found it difficult to compete. Most of India's weaving regions reported tales of decline and devastation by the 1850s. Weavers had to deal with a brand-new issue by the 1860s. The supply of high-quality raw cotton they needed was insufficient. Britain looked to India for cotton when the American Civil War started, and US shipments were halted. Raw cotton's price skyrocketed as India's exports of the material expanded. India's weavers were forced to pay high costs for raw cotton due to a lack of supplies.

Choose the below statement is true or false;

After the American Civil War, India saw a surge in the price of raw Cotton.

Best Courses for You

Detailed Solution

courses

Get Expert Academic Guidance – Connect with a Counselor Today!

best study material, now at your finger tips!

download the app

Download the App