Choose the given statement that is true/false:

Indian merchants and bankers were involved in the export trade.

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True

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Detailed Solution

The above statement is True.
The pre-colonial trade in India was dominated by Indian merchants. They connected the major port cities to the villages. They were involved in the production-related processes such as providing advances for production, procurement of products, and finally transporting them to the port cities. Along with the merchants, another group that was important in the export trade was bankers. They were mainly involved in financing capital for production. The capital was utilised in acquiring raw materials, transportation, and other miscellaneous costs. And at last at the ports, big shippers bargained from the inland merchants for the supply of goods. However, the role of Indian bankers and merchants declined in the colonial period.

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