UPSC Exam > UPSC Questions > Consider the following statement:1. East Indi...
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Consider the following statement:
1. East India Company acquired a charter from the ruler of England.
2. Despite this charter they faced huge competition from English traders in the East.
Which of the following statements is/are correct?
- a)Only 1
- b)Only 2
- c)All of these
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statement:1. East India Company acquired a char...
The company received a Royal Charter from Queen Elizabeth I on 31 December 1600, coming relatively late to trade in the Indies. It granted EIC the sole right to trade with East this means no other English company was allowed to compete with them in East.
QuestionId: 493892
QuestionId: 493892
Most Upvoted Answer
Consider the following statement:1. East India Company acquired a char...
Explanation:
East India Company Charter:
- The statement 1 is correct as the East India Company did acquire a charter from the ruler of England in 1600. This charter granted the company a monopoly on English trade with the East Indies.
Competition from English Traders:
- Despite having the charter, the statement 2 is also correct as the East India Company faced significant competition from other English traders in the East. These traders were able to establish their own trade networks and compete with the East India Company for control of trade routes and markets.
Therefore, the correct answer is option 'a) Only 1'. The East India Company did acquire a charter from the ruler of England, but they still faced fierce competition from other English traders in the East.
East India Company Charter:
- The statement 1 is correct as the East India Company did acquire a charter from the ruler of England in 1600. This charter granted the company a monopoly on English trade with the East Indies.
Competition from English Traders:
- Despite having the charter, the statement 2 is also correct as the East India Company faced significant competition from other English traders in the East. These traders were able to establish their own trade networks and compete with the East India Company for control of trade routes and markets.
Therefore, the correct answer is option 'a) Only 1'. The East India Company did acquire a charter from the ruler of England, but they still faced fierce competition from other English traders in the East.
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Consider the following statement:1. East India Company acquired a charter from the ruler of England.2. Despite this charter they faced huge competition from English traders in the East.Which of the following statements is/are correct?a)Only 1b)Only 2c)All of thesed)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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