Assertion = British East India Company earned huge profits from Indian trade.
Reason = British East India Company got sole right to trade with the East.
Answers
Answer :
Assertion is true but reason is false
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Explanation:
The British East India Company established on 31 December 1600 AD.
Queen Elizabeth-I of England gave permission to the East India Company to do business in India.
The company was originally formed for the spice trade, but later the company started trading in cotton, silk, tea, indigo, and opium besides spices.
The company's merchants bought cotton, indigo, potassium nitrate, and tea from India with the consent of the Mughals, selling them to another country abroad at expensive prices and earning huge profits.
The British East India Company was a joint-stock company originally formed to do business with the East Indies.
The British gradually pushed other European trading companies out of India through their diplomacy and expanded their trading institutions.