Did You Know

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  • The word “rūpiye” is derived from a Sanskrit word “rūpaa”, which means “wrought silver, a coin of silver”, in origin an adjective meaning “shapely”, with a more specific meaning of “stamped, impressed”, whence “coin”. It is derived from the noun rūpa “shape, likeness, image”. The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. In 1957, decimalisation occurred and the rupee was divided into 100 nayepaise (Hindi/Urdu for new paisas).
  • Towards the end of the 9th century, southern India had developed extensive maritime and commercial activity. The south Indian guilds played a major role in interregional and overseas trade. The best known of these were the Manigramam and Ayyavole guilds who followed the conquering Chola armies. The encouragement by the Chola court furthered the expansion of Tamil merchant associations such as the Ayyavole and Manigramam guilds into Southeast Asia and China.
  • The capital amassed from Bengal following its 1757 conquest helped to invest in British industries such as textile manufacture during the Industrial Revolution as well as increase British wealth, while contributing to deindustrialization and famines in Bengal. British colonization forced open the large Indian market to British goods, which could be sold in India without any tariffs or duties, compared to local Indian producers who were heavily taxed, while in Britain protectionist policies such as bans and high tariffs were implemented to restrict Indian textiles from being sold there, whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market. British economic policies gave them a monopoly over India’s large market and cotton resources.

 

 

 

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