The East India Company was an early joint stock company trading in cotton, silk, indigo dye, saltpetre, tea and opium. It was granted an English Royal Charter by Elizabeth I on December 31, 1600, with the intention of favouring trade privileges in India.

The Royal Charter effectively gave the newly created East India Company a monopoly on all trade in South East Asia. The Company transformed from a commercial trading venture to one that virtually ruled India and other Asian colonies as it acquired auxiliary governmental and military functions, until the British Crown assumed direct rule in 1858 following the events of the Indian Rebellion of 1857. A similar situation is being witnessed in Pakistan under the name of Privatization whereas the National assets and business concerns are being sold to the foreign companies (who act like Viceroys) in the name of improving quality and earning more revenues against the sold shares. Ironically most of the money earned by these companies is being sent back abroad with companies fudging figures to show losses thus depriving the Government of the anticipated earnings based on which the concerns were orignally sold. With every subsequent Government looking for one time easy money to show a cosmatic economic turnaround, the selling of national assets is leading towards a similar situation which historically led East India Company to dominate businesses and finally triggered the downfall of the Muslim Dynasty in the sub-continent. Will we ever learn anything from history?

Pakistan Observer (8th of June, 2008)

Dr.Irfan Zafar

irfanzafar@msn.com