The correct answer is 1 and 2 only. Explanation & Key Takeaways: Economic impacts of British economic policies: • Between 1793 and 1813, these British manufacturers launched a campaign against the company, its trade monopoly, and the privileges it enjoyed. • Ultimately, they succeeded in abolishing the East India Company‟s monopoly of Indian trade. • With this India became an economic colony of Industrial England. The decline of Urban Handicrafts: • The consequence of these changes in the composition of India‘s exports and imports was a rapid decline in the demand for products of various urban handicrafts which at one time were so famous and in a flourishing condition. • Now, these urban handicrafts in India were unable to successfully face the challenge posed by free imports into India of cheap manufactured goods produced on a large scale in factories in England. • This resulted in the decline of urban handicrafts in India. Hence, statement 3 is not correct. Commercialization of Agriculture: • A large number of commercial crops such as tea, coffee, indigo, opium, cotton, jute, sugarcane, and oilseed were introduced. • Subsistence farming began gradually to give place to what is known as the 'commercialization of agriculture'. Hence, statement 1 is correct. • Instead of growing all types of crops for home consumption as was the traditional practice, farmers began to produce one or two crops suitable to the region and which could be sold for the highest profit. The emergence of the Managing Agency System: • The most important among the institutions that came into existence during the second half of the 19th century was the European Managing Agency Houses. Hence, statement 2 is correct. • Managing Agency House‘ was the peculiar product of Indo-British relations during the 19th century. • The Managing Agency Houses raised funds in England and India and took responsibility on behalf of the clients (who had retired from service in India after making a lot of money and generally resided in England) to run industries or trading establishments in India.