Choose whether the given statement is true/false:

East India Company made good profits from textiles bought in India and exported to England and Europe.

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True

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answer is A.

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Detailed Solution

The above statement is True.
East India Company made good profits from textiles bought in India and exported to England and Europe. They started selling the raw materials to Indian industries at high costs and purchased finished products from Indians at relatively lower prices. They made their policy of buying from Indians at low cost and selling them at high costs, which brought huge profits and high losses for Indians. This was a new practice for the East India Company. They also exploited the labour of India badly. The British paid very less for the workforce.

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