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The Charter Act of 1813 was significant as it marked a pivotal moment in the relationship between Britain and India. It renewed the British East India Company's charter for an additional 20 years while allowing for greater governmental oversight and the promotion of education and social reform in India. The act also ended the company's trade monopoly on India, allowing private British merchants to trade freely, which significantly impacted the Indian economy. Additionally, it set the stage for increased British involvement in Indian affairs, ultimately leading to greater control over the region.

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