Final answer:
The British East India Company was not a joint venture between Indian and British governments, but a joint stock company established by English merchants and granted a royal charter by Queen Elizabeth I. The correct answer is False.
Step-by-step explanation:
The statement that the British East India Company was a joint venture between the Indian and British governments is false. The Company was a joint stock company founded in 1600 following a royal charter granted by Queen Elizabeth I. It was a private enterprise formed by English merchants to establish a monopoly on the trade in the Indian Ocean. Its initial focus was on trading goods such as spices, but it evolved over time to traffic various commodities, including textiles and opium.
While the company did engage in alliances with local Indian rulers and employed many locals in administrative positions, it was not a joint government venture. The British East India Company exerted significant control over the Indian subcontinent through military power and economic monopoly until 1857, when following the Indian Rebellion, the British Crown took direct control over India, marking the end of the company's rule.