The British imposed heavy duties on Indian cotton goods to protect their own industries. True or False?

True. The British government imposed duties of 70 to 80 percent on Indian cotton goods to protect their own textile industry.

Fill in the blank: The East India Company acquired the Diwani of Bengal in ___, which significantly increased its political power.

1765

What was the impact of the Act of 1833 on British trade in India?

Act of 1833 expanded British trade in India.

• Increased British investment opportunities.

• Facilitated trade expansion in India.

• Set stage for later economic growth.

Fill in the blank: The first railway line in India was opened to traffic in ___ after several proposals dating back to 1831.

1853

True or False: The first Indian joint-stock bank was established in 1786.

False. The first Indian enterprise in banking based on the joint stock limited liability principle was the Oudh Commercial Bank, started in 1881.

What was the significance of the Fiscal Autonomy Convention in the context of Indian industries?

Fiscal Autonomy Convention protected Indian industries.

• Shifted from free trade policies.

• Established case-by-case protection.

• Boosted domestic industrial growth.

Fill in the blank: The first cotton mill in India was established in ___ in 1853.

Bombay (now Mumbai)

What does the term 'dastak' refer to in the context of the East India Company's trade practices?

'Dastak' refers to permits issued by the servants of the East India Company that allowed merchants to transport goods without paying transit duties.

Fill in the blank: The iron and steel industry in India began with the establishment of ___ in 1907.

Tata Iron and Steel Company

True or False: The foreign trade of Bengal was diversified and not monopolized during the early period of British rule.

False. The foreign trade of Bengal became a monopoly of the East India Company, limiting competition and local merchant participation.

What role did the Reserve Bank of India, established in 1935, play in the growth of Indian banking?

Reserve Bank of India boosted banking.

• Regulatory framework established.

• Provided financial stability.

• Encouraged joint-stock banks.