It was an Act for the better regulation and management of the affairs of the east india company, and of the British possessions in India; and for establishing a Court of Judicature for the more speedy and effectual trial of persons accused of offences committed in the East Indies’.
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Pitt’s India Act of 1784, also known as the East India Company Act, 1784, was passed by the British Parliament in order to rectify the shortcomings that the Regulating Act of 1773 was presenting. This act brought the East India Company’s rule in India under the control of the British Government.
The Pitt’s India Act was passed by the British Parliament in 1784 in order to remedy the deficiencies of the Legislation Act of 1773. Thus, Option B is the correct answer. Warren Hastings was the first Governor-General of Bengal to hold office from 1772 to 1785.
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Answer: Of these the most important one was the Pitt’s India Act of 1784, named after William Pitt the Younger Prime Minister of Britain at that time. This act set up a board of control in Britain through which the British government could fully control the company’s civil, military and revenue affairs in India.
Explanation: Pitt’s India Act of 1784 rectified the defects of Regulating Act of 1773 and to make the administration of the company’s Indianterritories efficient and responsible. This act provided the supreme control over company’s affairs and its administration in India.
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Pitt’s India Act provided for the appointment of a Board of Control, and provided for a joint government of British India by both the Company and the Crown with the government holding the ultimate authority.
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The Charter act of 1813 ended the monopoly of the East India Company in India, however the company’s monopoly in trade with China and trade in tea with India was kept intact. Thus, trade with India for all commodities except Tea was thrown open to all British subjects.
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Pitt is best known as the wartime political leader of Britain in the Seven Years’ War, especially for his single-minded devotion to victory over France, a victory which ultimately solidified Britain’s dominance over world affairs.
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In December 1783, George III engineered the dismissal of the Fox”North coalition, which he hated, and appointed William Pitt the Younger as Prime Minister.
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Regulating Act, (1773), legislation passed by the British Parliament for the regulation of the British East India Company’s Indian territories, mainly in Bengal.
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(1) It is provided for the establishment of Supreme Court at Calcutta (1774). (2) It created executive council for Governor General of Bengal. (3) It made the governors of Bombay and Madras presidencies subordinate to the Governor General of Bengal. (4) It established Board of Control for managing Political Affairs.
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(d) The Charter Act brought to an end the era of agitation started by Charles Grant, Wilberforce and others. It allowed the missionaries to land in India in large numbers and establish modern English schools and thereby they laid the foundation of the well-organised modern educational system .
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Answer Expert Verified It caused a decline in the Indian Handicrafts which had been very popular in the past. … The Indian handicrafts had to face a competition with the machine made goods which came from Britain. 5. The Indian craftsmen were forced to sell their goods at lower prices.
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However, East India Company opposed these arguments giving logic that its political authority and commercial privileges cannot be separated. The controversy was later resolved by allowing all the British merchants to trade with India under a strict license system.
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The Regulating Act was passed in the British Parliament in June 1773. It was the first parliamentary ratification and authorization defining the powers and authority of the East India Company with respect to its Indian possessions.
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a man who is a respected leader in national or international affairs. English statesman and son of Pitt the Elder (1759-1806) synonyms: Pitt the Younger, Second Earl of Chatham, William Pitt. example of: national leader, solon, statesman. a man who is a respected leader in national or international affairs.
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Pitt resolved to commit whatever resources were necessary to defeat the French in North America and on the European continent. He provided generous funding to Prussia, Britain’s ally in the Seven Years’ War, for troops to tie down French forces in Europe.
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Pitt, unable to change the king’s strong views, resigned on 16 February 1801, so as to allow Henry Addington, his political friend, to form a new administration.
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The tide turned in 1757 because William Pitt, the new British leader, saw the colonial conflicts as the key to building a vast British empire. Borrowing heavily to finance the war, he paid Prussia to fight in Europe and reimbursed the colonies for raising troops in North America.
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Who was William Pitt? He was the prime minister of England during the French and Indian War.
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The Regulating Act was passed due to the mismanagement by the British East India government that brought a situation of insolvency. This act permitted the company to retain its territorial custody in India but looked up to regulate the activities and functioning of the company.
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Government of India Act 1858 passed which changed the name of post-Governor General of India by Viceroy of India. The Viceroy was appointed directly by the British government. The first Viceroy of India was Lord Canning.
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In my economics textbook, it states that when calculating GDP using the income approach, depreciation should be added. Specifically, GDP = Employee Compensation + Taxes less subsidies on businesses + Net operating surplus on businesses + Depreciation.
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The net domestic product (NDP) equals the gross domestic product (GDP) minus depreciation on a country’s capital goods. Net domestic product accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration.
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Some of the country’s capital equipment wears out or becomes obsolete each year during the production process. The value of this capital consumption is some percentage of gross investment which is deducted from GDP. Thus Net Domestic Product = GDP at Factor Cost ” Depreciation.
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Disposable Income is the portion of GDP that consumers can spend. Why depreciation should not be included in net GDP? depreciation is consumption of the capital goods. Each year some fraction of the capital input is used up through wear and tear, and must be replenished in order to maintain the productive capacity.
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Here is a list of items that are not included in the GDP: Sales of goods that were produced outside our domestic borders. Sales of used goods. Illegal sales of goods and services (which we call the black market) Transfer payments made by the government.
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Key points. Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year. … Net national product, or NNP, is GNP minus depreciation. Depreciation is the process by which capital ages over time and therefore loses its value.
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The calculation of a country’s GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted).
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In my economics textbook, it states that when calculating GDP using the income approach, depreciation should be added. Specifically, GDP = Employee Compensation + Taxes less subsidies on businesses + Net operating surplus on businesses + Depreciation.
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By charting the decrease in the value of an asset or assets, depreciation reduces the amount of taxes a company or business pays via tax deductions. A company’s depreciation expense reduces the amount of earnings on which taxes are based, thus reducing the amount of taxes owed.
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GDP is measured by taking the quantities of all goods and services produced, multiplying them by their prices, and summing the total. GDP can be measured either by the sum of what is purchased in the economy or by what is produced. Demand can be divided into consumption, investment, government, exports, and imports.
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Economists do not factor intermediate goods when they calculate gross domestic product (GDP). GDP is a measurement of the market value of all final goods and services produced in the economy. The reason why these goods are not part of the calculation is that they would be counted twice.
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What is not included is Sales of goods that were produced outside our domestic borders, Sales of used goods, Illegal sales of goods and services (which we call the black market), Transfer payments made by the government. Only goods and services produced domestically are included within the GDP.
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The official measure of GDP does not include measurements of leisure time available, nonmarket production, production in the underground economy, the distribution of income, or production externalities (e.g., pollution).
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Economists and investors are more concerned with GDP than with GNP because it provides a more accurate picture of a nation’s total economic activity regardless of country-of-origin, and thus offers a better indicator of an economy’s overall health.
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The larger the difference between a country’s GNP and GDP, the greater the degree of incomes and investment activity in that country involve transnational activities such as foreign direct investment one way or another.