Class8historynotes chapter 2
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East India Company Comes East: In 1600, Queen Elizabeth I granted a charter to East India Company for a monopoly of trade with nations in the east. Trading companies made efforts to maximise profit by eliminating rivals in trade.
East India Company Begins Trade in Bengal: The first factory of East India Company, which worked as a warehouse and base for the workers of the company, was established in 1651. The workers were known as ‘factors’. As trade expanded, the company persuaded merchants to settle near the factory.
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