The British East India Company, was a joint-stock company which was granted an English Royal Charter [contract] by Elizabeth I on December 31, 1600, with the intention of exploring and trading with India and the surrounding areas. The goal was to make money for the company’s shareholders.
What was the purpose of the East India Company?
The East India Company was initially created in 1600 to serve as a trading body for English merchants, specifically to participate in the East Indian spice trade. It later added such items as cotton, silk, indigo, saltpeter, tea, and opium to its wares and also participated in the slave trade.
What were the three main goals of the East India Company?
The most important goals of the East India Company were to spread British influence and power, establishing a trading post in the region, and bring the trade goods back to England to benefit the British investors.
What is the nickname of the English East India Company?
The Honourable East India Company (HEIC) was incorporated on 31 Dec 1600 by Queen Elizabeth I and was often called by its nickname John Company.
Why did the British conquer India?
The British East India Company came to India as traders in spices, a very important commodity in Europe back then as it was used to preserve meat. Apart from that, they primarily traded in silk, cotton, indigo dye, tea and opium. They landed in the Indian subcontinent on August 24, 1608, at the port of Surat.
How did the East India Company change the world?
Its expansionism spurred several wars that produced at least two sovereign nations. Among its many claims to fame (and notoriety), the EIC indirectly built Yale University, helped create two nations and was the world’s largest drug-dealing operation in the 18th century.