The East India Company

 

The East India Company

Queen Elizabeth was much interested in starting a network of colonies in different parts of the world. As part of her plan she granted a Royal Charter to the East India Company to establish trade links with India. The company was started with the capital of 70,000 dollars contributed by 125 shareholders.

In 1640, the East India Company bought some land in the northern part of Chennai from the Raja of Chandragiri. Francis Day constructed a fort there called Fort St. George. This was the origin of the Presidency of Madras.

In 1661, the East India Company bought the marshy land in Bombay for an annual rent of just ten pounds. Then, the Governor General Aungler converted the marshy land into a beautiful town with a natural harbor. Many trading companies were shifted to Bombay. This was the beginning of the Presidency of Bombay.

In 1690, the famous British Agent Job Charnock built a fort at Calcutta. It was called Fort William. Many factories were shifted to this place. This was the beginning of the Presidency of Bengal. Thus the company gained a foothold in three key centres in India.

The company turned its attention to the goal of ruling India. The instability consequent on the collapse of the Mugal Empire gave opportunities to the East India company to attain its goal. In the south India, Dupleix, the French and Robert Clive, the Englishman had a competition to gain control over Hyderabad and Karnataka. Clive gained the control. By winning the battle of Plassey, Clive captured Bengal. He became the first Governor of Bengal. The company won the Maratha wars and destroyed Haider Ali and Tipu Sultan. Similarly, the Sikh leaders were destroyed by the company.

To streamline the irregularities of the East India Company, the Governor of Bengal was made Governor General. The company’s mismanagement was still rampant, so Queen Victoria abolished the powers of the East India Company. The government of India was taken over by the Queen herself. This brought the rule of the East India company in India to a close.

The company was in India for 258 years. It changed the life style of Indians. All walks of life were Westernized.  Macaulay made English the medium of instruction in Indian colleges and universities. Governor General  William Bentinck abolished the barbarous practice of Sati. Raja Ram Mohan Roy assisted the same. The British government brought about revolutionary changes such as the use of the railways, the post and telegraph and other means of communication. At the same time valuable Indian literary works such as the ‘Bhagavad Gita and Thirukural’ attracted foreign scholars. They were translated into English.