Indian Polity : Historical Background & Making Of The Constitution
Consider the following statements:
Which of the statement(s) given above is/are correct?
Statement 2 is correct. The Government of India Act, 1858, was enacted in the wake of the Revolt of 1857. This Act abolished the rule of the East India Company and transferred the powers of government, territories, and revenues to the British Crown. This marked the beginning of direct British administration in India, with the Secretary of State for India exercising control over Indian administration through the Viceroy.
Statement 1 is incorrect. The Charter Act of 1853 did not abolish the East India Company's monopoly of Indian trade. This Act merely renewed the Company's rule for an indefinite period, unlike previous charters which specified a 20-year term. It also introduced open competition for the recruitment of civil servants. The East India Company's trade monopoly was largely abolished by the Charter Act of 1813, which ended its monopoly on Indian trade except for trade in tea and trade with China.