The Indian Trade Policy
The Evolution of the Indian Tariff Policy
From ancient days, customs and inland duties were levied by the Indian rulers mainly for the purpose of revenue. The Mohammedan and the Hindu rulers encouraged India’s trade with Europe in the 17th and 18th centuries by low customs duties and freedom from inland transit duties.
The East India Company, in its early days, was interested in improving such Indian industries as those that fed its export trade and so encouraged the manufacture of cotton and silk piece goods, which found a profitable market in England and in Europe. But this policy met with opposition in England which followed a Protectionist policy in favour of her own industries, and resulted ...