Final answer:
The East India Company, best described as a private company chartered by Queen Elizabeth I, established substantial economic and political dominion in India over centuries, beginning as a trading entity and evolving into a governing force through exploitation and military strength.
Step-by-step explanation:
The statement that best describes the East India Company is d. It was a private company chartered by Queen Elizabeth I. The British East India Company was a joint stock company, formed in 1600 when Queen Elizabeth I granted a monopoly on trade in the Indian Ocean to this organization. Over time, this company evolved significantly, first focusing on trading in spices and later on textiles and opium. Important for its economic impact, the Company grew in power to effectively rule and control large areas of India by military force and through exploiting local political situations, which had been weakened by the decline of the Mughal Empire.
By the mid-1700s, the Company had entrenched itself as a major power, exploiting the fracturing Mughal authority and the diversity of the Indian subcontinent to expand its economic and political dominance. The vast wealth and resources of India, including its textiles, helped the Company to influence British economics and international diplomacy significantly.