Parliament also renews the East India Company’s…

Parliament also renews the East India Company’s charter in 1833, adding amendments that give the government greater control.

The East India Company’s official monopoly of the opium traffic had expired at the end of 1832.

The Industrial Revolution in Britain, the consequent search for markets, and the rise of laissez-faire economic ideology form the background to the Government of India Act 1833 (3 & 4 Will. 4 c. 85). The Act:

    removes the company's remaining trade monopolies and divested it of all its commercial functions
    renews for another twenty years the company's political and administrative authority
    invests the Board of Control with full power and authority over the company.
    carries further the ongoing process of administrative centralization through investing the Governor-General in Council with, full power and authority to superintend and, control the Presidency Governments in all civil and military matters
    initiates a machinery for the codification of laws
    provides that no Indian subject of the company will be debarred from holding any office under the company by reason of his religion, place of birth, descent or color
    vests the Island of St Helena in the Crown