Consider the following statements: 1. Charter Act 1853 abolished Company's trade monopoly. 2. Govt of India Act 1858 abolished Company and began direct British rule. Which of the statements given above is/are correct?

The correct answer is B because only the second statement is historically accurate. Regarding statement 1, the Charter Act of 1853 did not abolish the Companys trade monopoly. That process happened earlier. The Charter Act of 1813 abolished the Companys monopoly over Indian trade except for tea and trade with China. Subsequently, the Charter Act of 1833 ended the Companys monopoly entirely, including tea and China trade, making it a purely administrative body. Regarding statement 2, the Government of India Act 1858 was passed following the Revolt of 1857. It formally liquidated the East India Company and transferred the powers of government, territories, and revenues to the British Crown, marking the beginning of direct British rule in India.