WORLD HISTORY

Detailed explanation-1: -The East India Company (EIC) was a British trading company that established trade ‘factories’ in India and elsewhere in Asia before conquering territory and administering it. In the mid-19th century, the EIC’s territories were taken over by the British Crown and officially incorporated into the British Empire.

Detailed explanation-2: -1. The charter Act 1853 abolished East India Company’s Monopoly of India trade. 2. Under the government of India Act 1858, the British parliament abolished the East India company altogether and took responsibility of ruling India directly.

Detailed explanation-3: -In 1600, Queen Elizabeth I granted a royal charter to the “Governor and Company of Merchants of London trading with the East Indies, ‘’ soon thereafter known as the East India Company (EIC), which gave the mer-chants a monopoly on all trade east of the Cape of Good Hope for 15 years.

Detailed explanation-4: -The subcontinent was now under the rule of the East India Company’s shareholders, who elected “merchant-statesmen” each year to dictate policy within its territory. But financial woes and a widespread awareness of the company’s abuses of power eventually led Britain to seek direct control of the East India Company.

Detailed explanation-5: -The East India Company was probably the most powerful corporation in history. At its height, it dominated global trade between Europe, South Asia and the Far East, fought numerous wars using its own army and navy, and conquered and colonised modern day India, Pakistan, Bangladesh and Burma.