Arrival of European Companies
Arrival of European Companies
Arrival of European Companies: By the l750s, with the arrival of the European companies, the Indians started losing their control over the trade. The European companies were gaining power by securing a variety of concessions from local courts. Some of the companies got monopoly rights to trade. All this resulted in a decline of the old ports like Surat and Hoogly, through which local merchants had operated. Slowly, the local bankers went bankrupt. By the 1740s, the gross value of trade through Surat fall to Rs.3million from Rs 16 million. While Surat and Hoogly decayed, Bombay and Calcutta grew. This change was an indication of the growth of colonial power
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Archit Segal
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