As more land came under the Company’s control it increased taxes, forcing many local people to stop growing food to support themselves, and instead grow ‘cash crops’, which could be sold to raise cash for taxes. This was often opium, which the East India Company traded for Chinese tea.
Why did the East India Company came to India?
The British East India Company came to India as traders in spices, a very important commodity in Europe back then as it was used to preserve meat. Apart from that, they primarily traded in silk, cotton, indigo dye, tea and opium. They landed in the Indian subcontinent on August 24, 1608, at the port of Surat.
What were the effects of the British East India Company?
The effects of the British East India Company were very strong and widespread. It helped the establishment of the British Empire. It was a turning point in the history of economics and set the trends for several centuries to come. Globalization is also another significant influence of this company.
What were the reform done by East India Company?
Charter Act of 1793
The only major change was that this Act empowered the East India Company to grant licenses to both individuals and Company employees to trade in India, which paved the way for shipments of opium to China. Also, the Senior officials could not leave the country without permission.
How did the East India Company gain control of India?
The British presence in India began through trade. Men like Robert Clive of the British East India Company combined military prowess with a ruthless ambition and became fabulously wealthy. With wealth came power, and traders took control of huge swathes of India. This clip is from the series Empire.
What are the three main goals of the East India Company was to?
The most important goals of the East India Company were to spread British influence and power, establishing a trading post in the region, and bring the trade goods back to England to benefit the British investors.
What was the main objective of East India Company in India?
Notes: Trading was the primary objective of the British East India Company. Gradually they started realizing the benefit of building an empire in India. And eventually, they came into power by winning different battles.
How did it change the company’s administration in India?
The two main administrative changes brought in the British government about regarding the East India company’s rule in India are: i) The Board of Management of the Company and the Court of Directors have been abolished. All their authority was transferred to a cabinet minister, known as India’s secretary of state.
How did East India company became successful?
A major turning point in the East India Company’s transformation from a profitable trading company into a full-fledged empire came after the Battle of Plassey in 1757. The battle pitted 50,000 Indian soldiers under the Nawab of Bengal against just 3,000 Company men.
How did the British East India company affect India’s economy?
Colonial exploitation of the Indian economy by the British transformed the pattern of trade in India to become an exporter of raw materials and foodstuffs and an importer of manufactures. … Thus the British rule in India was a long history of systematic exploitation of Indian people by the imperialistic Government.
Which act that brought an end to the East India Company’s rule in India?
‘The Act for the Better Government of India brought to an end the East India Company rule in India. … The British Parliament passed the Act on August 12, 1858.
Social Impact: Equality before the law: British introduced uniform laws in all the Indian territories under their direct control. … Thus, they denied traditional social privileges to the upper castes and helped reduce caste discrimination in Indian society.
What was the economic impact of the Company rule in India?
British economic policies gave them a monopoly over India’s large market and cotton resources. India served as both a significant supplier of raw goods to British manufacturers and a large captive market for British manufactured goods.