Choose the given statement as true/false:

Most of the Indian entrepreneurs made fortunes by trading with England.

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Detailed Solution

The above statement is false.
Indian entrepreneurs made money by trading with England, but this was not the case with all entrepreneurs. The British in India started exporting opium to China in the late eighteenth century and imported tea from China to England. Many Indians entered this trade as young players. Some of these businessmen dreamed of creating industrial firms in India after making their money through commerce. Before transitioning to industrial investing, Dwarkanath Tagore acquired his fortune in the China trade. In the 1830s and 1840s, he founded six joint-stock firms. Many of the Chinese traders in the nineteenth century went on to become prosperous entrepreneurs Exports to China, and the shipping of raw cotton to England helped Parsis like Dinshaw Petit and Jamsetjee Nusserwanjee Tata build enormous industrial empires in India.

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