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What was the impact of the Charter Act of 1813 on the import duty of cotton piece-goods?
- a)It increased the duty on imported cloth.
- b)It reduced the duty on Indian goods.
- c)It abolished import duties.
- d)It had no impact on import duties.
Correct answer is option 'B'. Can you explain this answer?
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What was the impact of the Charter Act of 1813 on the import duty of c...
Impact of the Charter Act of 1813 on Import Duty of Cotton Piece-Goods
The Charter Act of 1813 was significant in shaping trade policies in India, particularly concerning the import duties on cotton piece-goods. Here’s a detailed explanation of its impact:
Reduction of Duties on Indian Goods
- The Act aimed to promote the interests of British traders while also considering the welfare of Indian producers.
- It specifically reduced the import duties on Indian goods, making them more competitive in the market.
- This reduction was intended to enhance the economic position of local Indian manufacturers, allowing them to thrive against imported goods.
Encouragement of Indian Industry
- By lowering import duties, the Act sought to encourage the growth of Indian textile industries.
- Indian manufacturers could sell their products at lower prices compared to imported British textiles, thereby stimulating local production.
Challenges for British Textiles
- The decrease in duties on Indian goods posed challenges for British textile manufacturers, who had previously benefitted from higher import duties that protected their interests.
- This dynamic created a competitive environment where Indian goods could gain a larger share of the market.
Conclusion
- Overall, the Charter Act of 1813 had a positive impact on Indian goods by reducing import duties, promoting local industries, and fostering competition in the textile market.
This legislative change marked a pivotal moment in the history of trade between Britain and India, reflecting an early recognition of the need to balance British commercial interests with the development of Indian industry.
The Charter Act of 1813 was significant in shaping trade policies in India, particularly concerning the import duties on cotton piece-goods. Here’s a detailed explanation of its impact:
Reduction of Duties on Indian Goods
- The Act aimed to promote the interests of British traders while also considering the welfare of Indian producers.
- It specifically reduced the import duties on Indian goods, making them more competitive in the market.
- This reduction was intended to enhance the economic position of local Indian manufacturers, allowing them to thrive against imported goods.
Encouragement of Indian Industry
- By lowering import duties, the Act sought to encourage the growth of Indian textile industries.
- Indian manufacturers could sell their products at lower prices compared to imported British textiles, thereby stimulating local production.
Challenges for British Textiles
- The decrease in duties on Indian goods posed challenges for British textile manufacturers, who had previously benefitted from higher import duties that protected their interests.
- This dynamic created a competitive environment where Indian goods could gain a larger share of the market.
Conclusion
- Overall, the Charter Act of 1813 had a positive impact on Indian goods by reducing import duties, promoting local industries, and fostering competition in the textile market.
This legislative change marked a pivotal moment in the history of trade between Britain and India, reflecting an early recognition of the need to balance British commercial interests with the development of Indian industry.
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What was the impact of the Charter Act of 1813 on the import duty of c...
While the duty on Indian cotton piece-goods was 17%, the Charter Act of 1813 significantly reduced the duty on imported cloth to 2.5%, protecting British manufacturers.
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What was the impact of the Charter Act of 1813 on the import duty of cotton piece-goods?a)It increased the duty on imported cloth.b)It reduced the duty on Indian goods.c)It abolished import duties.d)It had no impact on import duties.Correct answer is option 'B'. Can you explain this answer?
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