Consider the given statement as true or false:

The British East India Company established a monopoly right to trade in India.

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True

False

answer is A.

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Detailed Solution

The given statement is true. The British East India Company established a monopoly right to trade in India.
After establishing political power in India, the British East India Company tried to assert a monopoly right to trade. The company attempted to eliminate the existing traders and appointed gomasthas to supervise weavers. The company weavers were prevented from dealing with other buyers. A loan and advance system helped the company achieve control over trade. Thus through a series of steps, the British developed a system of management and control that would eliminate competition and also control the costs of cotton and silk goods.

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