Choose the given statement that is true/false:

The Industrial Revolution shifted from an agrarian economy to a manufacturing economy.

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Detailed Solution

The given statement is true.
The Industrial Revolution shifted from a farming economy to a producing economy, wherever products were not created exclusively by hand but by machines. Before the commercial revolution, India had an internationally acclaimed cotton textile business, and goods were exported to Europe, the Middle East and the Americas. However, due to the industrial revolution, Britain started manufacturing machine-made merchandise and textiles. These products were less expensive than Indian merchandise and also higher in quality. Indian handicrafts slowly died as a result of which. Hence the Indian goods could not compete against the cheaper products from the United Kingdom that flooded the Indian markets. Therefore, an agricultural economy gave way to a manufacturing economy during the Industrial Revolution.

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