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In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
The Act made only fairly minimal changes to either the system of government in India or British oversight of the company's activities. Most importantly, the company's trade monopoly was continued for a further 20 years. Salaries for the staff and paid members of the Board of Control were also now charged to the company.
It is a monopoly created, owned, and operated by the government. It is usually distinguished from a government-granted monopoly, where the government grants a monopoly to a private individual or company. A government monopoly may be run by any level of government—national, regional, local; for levels below the national, it is a local monopoly.
The Government of India in April 1964 appointed the Monopolies Inquiry Commission under the Chairmanship of Justice K. C Das Gupta, a judge of the Supreme Court, to inquire into the extent and effect of concentration of economic power in private hands and prevalence of monopolistic and restrictive trade practices in important sectors of economic activity other than agriculture.
The India Salt Act of 1882 included regulations enforcing a government monopoly on the collection and manufacture of salt. Salt could be manufactured and handled only at official government salt depots, with a tax of Rs 1-4-0 on each maund (82 pounds). In 1944 the Central Legislative Assembly passed the Excises and Salt Act (Act No. I of 1944 ...
The EIC paid £40,000 (equivalent to £46.1 million in 2015) annually to the government to maintain its monopoly but had been unable to meet its commitments since 1768 because of the loss of tea sales to America. About 85% of all the tea in America was smuggled Dutch tea. The EIC owed money to both the Bank of England and the government. It had ...
The English East India Company ("the Company") was founded in 1600, as The Company of Merchants of London Trading into the East Indies.It gained a foothold in India with the establishment of a factory in Masulipatnam on the Eastern coast of India in 1611 and the grant of the rights to establish a factory in Surat in 1612 by the Mughal Emperor Jahangir.
The British government in India has not only deprived the Indian people of their freedom but has based itself on the exploitation of the masses, and has ruined India economically, politically, culturally, and spiritually. We believe, therefore, that India must sever the British connection and attain Purna Swaraj or complete sovereignty and self ...