Ashok V. Desai has described India in 1865 when the first wave of globalization hit India creating a trade surplus.
Thus we see in the mid-19th century the first impact of globalization on India. Shipping technology changed; ships became larger and travelled further (steamers were just coming into use in 1865). With it, direction of trade changed; from trade within the Indian Ocean region, India began to trade more with Britain and China. Industrializing Britain and opium-eating China created new markets; as they expanded, India developed a massive export surplus. It did not know what to do with all that money, so it stashed away gold and silver. Was that deindustrialization? There may have been; but there was export-led growth too. For some of India