Roadmap for Answer Writing: 1. Introduction Briefly define National Income Accounting (NIA): Explain that it refers to the methods used to measure the total economic activity within a country, with Gross Domestic Product (GDP) being the most common indicator. State the significance of ...
Model Answer Introduction Between 1765 and 1833, the relationship between the East India Company (EIC) and the British state evolved significantly, marked by a series of regulatory acts. These acts gradually brought the Company under greater British control, influencing both its political and commerRead more
Model Answer
Introduction
Between 1765 and 1833, the relationship between the East India Company (EIC) and the British state evolved significantly, marked by a series of regulatory acts. These acts gradually brought the Company under greater British control, influencing both its political and commercial functions in India.
Dual Government (1765-1772): During this period, the EIC’s Indian officials held power but were not responsible, while British officials had responsibility but lacked power. This imbalance led to widespread corruption and exploitation, which attracted the attention of British politicians and merchants eager to share in the profits from India.
Regulating Act (1773): This act formalized the political and administrative functions of the EIC. It introduced British control by requiring the Court of Directors to report on Indian affairs and made the Governor of Bengal the Governor-General of India, with control over Madras and Bombay. It also prohibited the Company’s servants from engaging in private trade or accepting bribes.
Pitt’s India Act (1784): This act created a dual government system by separating the Company’s commercial and political functions. The Board of Control, representing the British government, took charge of political affairs, while the EIC managed commercial activities. This system further tightened British oversight of India.
Charter Act (1793): This act extended the Company’s monopoly on trade for 20 more years but imposed a levy of 5 lakh pounds annually on Indian revenues to the British government. It also restructured the administration by separating revenue and judicial functions and restricted the movement of senior officials.
Charter Act (1813): Ending the EIC’s trade monopoly except in tea, opium, and China, this act marked the final step towards centralization. The Governor-General of India was given full legislative and financial control over British India, cementing the British government’s dominance over the Company’s affairs.
Conclusion
By 1833, the series of acts had subordinated the East India Company to British parliamentary control, enabling the British to consolidate power and establish a more centralized and efficient administration in India.
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Model Answer Importance of National Income Accounting National Income Accounting (NIA) plays a critical role in assessing the economic performance of a country. It provides valuable insights into the economic health and development of a nation. Here's a breakdown of its significance: International CRead more
Model Answer
Importance of National Income Accounting
National Income Accounting (NIA) plays a critical role in assessing the economic performance of a country. It provides valuable insights into the economic health and development of a nation. Here’s a breakdown of its significance:
Factors Influencing a Country’s GDP
Several factors contribute to a country’s GDP, each affecting its economic output in distinct ways:
Despite its usefulness, GDP is criticized for not reflecting issues like inequality or the conditions of the poor, which are captured by other indices such as the Human Development Index (HDI).
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