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.
How did British East India Company gained control of India?
The East India Company’s royal charter gave it the ability to “wage war ,” and initially it used military force to protect itself and fight rival traders. In 1757, however, it seized control of the entire Mughal state of Bengal.
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.
How did the British East India Company affect India’s economy?
ADVERTISEMENTS: New land system of the British ruler also created a serious impact on the Indian economy. During the East India Company rule, the company administrators imposed land revenue at exorbitant rates and thereby realised larger returns from land .
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.
Who ruled India before British?
The Mughals ruled over a population in India that was two-thirds Hindu, and the earlier spiritual teachings of the Vedic tradition remained influential in Indian values and philosophy. The early Mughal empire was a tolerant place. Unlike the preceding civilisations, the Mughals controlled a vast area of India.
Why was England so powerful?
The Industrial revolution was born in Britain in the 1700s, and allowed huge economic growth, which brought even more money in, allowing them to become still more powerful, economically, politically and militarily, in the process.
How did British enter 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.
When did England take over India?
British raj, period of direct British rule over the Indian subcontinent from 1858 until the independence of India and Pakistan in 1947.
Why was the East India Company so successful?
By the royal charter, the English East India Company was granted the monopoly of trade in Asia . ... The low salaries were compensated by opportunities of trade allowed to factors in their private capacity. The Company acted to protect the private trading interests of its employees.
Was India a rich country before British rule?
Britain ruled India for about 200 years, a period that was marred with extreme poverty and famine. India’s wealth depleted in these two centuries. ... In 1900-02, India’s per capita income was Rs 196.1, while it was just Rs 201.9 in 1945-46, a year before India got its independence.
How did British destroyed Indian economy?
Britain’s devastation of India
The British took thriving industries — like textiles, shipbuilding, and steel — and destroyed them through violence, taxes, import tariffs, and imposing their exports and products on the back of the Indian consumer.
What was the negative impact of British rule in India?
The British rule demolished India through, taxation on anything made in India, and the exportation of raw materials , which caused a plentiful amount of famine,and throughout all of this, the British kept most on India uneducated, and those they did educate, most were forced to become interpreters for the benefits it ...
Who gave permission to East India?
Queen Elizabeth I of England grants a formal charter to the London merchants trading to the East Indies, hoping to break the Dutch monopoly of the spice trade in what is now Indonesia.
What are the three presidencies in British India?
By the mid-18th century, the three principal trading settlements including factories and forts, were then called the Madras Presidency (or the Presidency of Fort St. George), the Bombay Presidency, and the Bengal Presidency (or the Presidency of Fort William) — each administered by a Governor.
Who was the first Viceroy of India?
Government of India Act 1858 passed which changed the name of post-Governor General of India by Viceroy of India. The Viceroy was appointed directly by the British government. The first Viceroy of India was Lord Canning .
