In ancient times India had trade relations with foreign countries. This relationship was intact even in the medieval period. Foreign goods were now at par in Indian markets. Indian goods also used to go abroad. But the volume of export trade was more than import trade. Indian monopoly over internal and foreign trade was established. Indian businessmen were world famous. He used to give business loans like a bank. But this situation remained intact until the joint trading company, in which the Dutch, Portuguese and English were involved. After this foreign company obtained concessions by influencing the rulers of that time, they established a monopoly on the commercial sector. Indians were exterminated from this area. By expanding this trade monopoly, the great East India Company established its power over India. India became a slave of the British. It is to this effect that this provision is made.