How did India play a crucial role in the late 19th-century world economy?

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By helping Britain balance its deficits.

By blending different cultural forms.

By expanding the trade of animals.

None of the above

answer is A.

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Detailed Solution

By helping Britain balance, its deficits, India played a crucial role in the late 19th-century world economy.
Indian markets were flooded with British products throughout the nineteenth century. As a result, India sent more food grains and raw materials to Britain and the rest of the world. However, British imports from India were significantly less expensive than British exports to India. Thus, Britain's trade with India was in "surplus." Meanwhile, Britain was importing more than it was exporting from other nations. Hence Britain exploited the surplus in India to offset its trade deficits with other countries. Thus, Britain functioned as a multilateral settlement system with the help of India.

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