History · Colonial Economy
UGC NET December 2020 History (Shift-II)
Who were the 'Portfolio Capitalists' in the early colonial rule in India?
AThe British and American planters who settled in various parts of India
BThe English, French and Dutch merchants who were exploiting the indigenous artisans
CThe regional Indian rulers who were backing the great merchant classes
DAn intermediary merchant class that came to influence the political processes ✓ Correct
Correct answer: (D) An intermediary merchant class that came to influence the political processes — The Portfolio Capitalists were an intermediary merchant class, so that is the answer.
Explanation
★The Portfolio Capitalists were an intermediary merchant class, so that is the answer.
★The Portfolio Capitalists in the early colonial rule were an intermediary merchant class.
★They came to influence the political processes.
★They combined trade, banking and revenue-farming activities.
★They acted as intermediaries between the indigenous rulers and the European companies.
★So the Portfolio Capitalists were an intermediary merchant class that influenced the political processes.
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