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Trade has always been an important part of India’s economy. The British East India Company first arrived in India in 1612 and soon began to establish trading posts throughout the country. This blog post will explore the rise and fall of British trade in India, and how it ultimately led to the colonisation of the subcontinent.
Rise of East India Company
The British East India Company was formed in 1600 for the purpose of trade with the East Indies. The company’s monopoly on trade with India was granted by Queen Elizabeth I, and it soon became the largest trading company in the world. Trade between Britain and India flourished throughout the 17th and 18th centuries, with spices, textiles, and tea being the main commodities exchanged.
The East India Company’s monopoly on trade with India came to an end in 1813, after the Napoleonic Wars. The British government opened up trade with India to all British companies, and the East India Company’s dominance was finally broken. Trade between Britain and India continued to grow throughout the 19th century, with cotton becoming the main commodity exchanged.
India was The British Empire’s breadbasket, The British Empire’s dependence on India for food supplies became increasingly evident during the 19th century. The famines of Bengal in 1770 and Bihar in 1873 led to widespread starvation and highlighted the need for a reliable source of food. India’s strategic location made it the perfect place to grow crops such as wheat and rice, which could then be shipped back to Britain.
Impact of East India Company
The East India Company’s impact on India was profound. The company transformed the country’s economy, society, and political landscape. It introduced new technologies and commodities, and it changed the way Indians lived, worked, and thought. The company also had a profound impact on Britain itself. The East India Company helped to create a new British imperial identity and to shape the country’s future as a global power.
The East India Company was not the only force that transformed India, but it was the most powerful and influential. The company’s impact was felt in every corner of the country. Indians who had never seen a European before were soon working for the company, and British goods were being sold in Indian markets. The company’s influence was also evident in the way Indians dressed, spoke, and thought.
The company’s impact on India was not all positive, however. The company’s exploitation of India’s resources led to economic and social inequality. The company’s policies also contributed to the decline of Indian manufacturing and the growth of British industry. In the end, the East India Company’s impact on India was both profound and mixed.
The East India Company’s impact on Britain was also significant. The company helped to create a new British imperial identity. It also shaped the country’s future as a global power. The company’s impact on Britain was both positive and negative. On the one hand, the company helped to create a new British imperial identity. On the other hand, its exploitation of India’s resources led to economic and social inequality in Britain.
Fall Of East India Company
The East India Company’s monopoly on trade in India came to an end after the Indian Rebellion of 1857. The company was dissolved, and its assets were nationalized by the British government. Trade between Britain and India continued under the auspices of the British Crown. However, it was no longer profitable for Britain and gradually declined. By 1947, the British had withdrawn from India completely. Indian trade is now conducted with a variety of partners, including the United States, China, and the European Union. Britain’s share of Indian trade has dwindled to less than two per cent. Nevertheless, India remains an important market for British goods and services.
Conclusion
The British East India Company was a powerful force in the Indian subcontinent for over two centuries. Through trade and military might, it established itself as the dominant European power in the region. However, its fortunes changed dramatically in the mid-19th century, as new technologies and political changes led to its downfall. Today, the legacy of the company lives on in both India and Britain. Indian citizens continue to reap the benefits of its trading empire, while Britishers are increasingly aware of their country’s colonial past.
