Which statement best describes the economy of India in the late 1700s? In the late 1700s, British farmers produced cotton that was shipped to Indian factories to produce textiles. In the late 1700s, Indian farmers produced cotton that was shipped to British factories to produce textiles. In the late 1700s, taxes were lowered to promote struggling manufacturing and trade industries in India. In the late 1700s, taxes were raised to gain revenue from the growing manufacturing industries in India.