Question

How did the east india company established its monopoly right to trade meretnation?

Answer 1

·  The East India Company was not the only foreign trading partner India had at that time. The goods produced in India especially silk, cotton and spices were in great demand in Europe, and there was intense competition amongst the European buyers. Astute planning and manipulative tactics helped the East India Company to establish its monopoly.

·  The East India Company set up the first factory on the banks of River Hugli in 1651. This company had a warehouse and several offices located in different places. With the expansion of trade, the Company asked the traders to settle near the factory premises. In 1696, the company started building fort around the trader's settlement.

·  Two years later, they bribed some Mughal officials in gaining Zamindari rights over three villages including Kalikata, the erstwhile Kolkata. The company also persuaded the Mughal emperor, Aurangzeb to grant them to conduct their trade, duty free. Over a period of time, the Company kept of pressing for more privileges.

·  After the death of Aurangzeb, the regional rulers refused to grant East India Company special concessions but the Company was adamant on increasing trade in India and buy settlements.

·  This disparity in interests lead to the Battle of Plassey that was won by East India Company, thus securing its position
Was this answer helpful