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Q.

Is it true that during the First World War, Indian merchants and industrialists made huge profits?


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True

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answer is A.

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Detailed Solution

The above statement is true.
Indian industrialists and merchants generated enormous profits and rose to prominence during the First World War. They now reacted against colonial regulations that limited economic activity since they were eager to grow their business. They desired both protection from foreign goods imports and a rupee-to-sterling exchange rate that would discourage imports. They established the Indian Industrial and Commercial Congress in 1920 and the Federation of the Indian Chamber of Commerce and Industries (FICCI) in 1927 to organize commercial interests.
 
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