Establishment of Department of Agriculture and Commerce.
Mayo’s resolution of 1870 started the process of decentralization of
finances. Evolved a proper system of budgeting as a result of which persistent
deficits were converted into surpluses. The provincial governments were
authorised to resort to local taxation to balance their budgets.
Sir John Strachey the finance member of the viceroy council tried to
equalize the rates of salt duties in the British provinces.
The famine of 1876-1878.
The British parliament passed the Royal Titles Act investing Queen Victoria
with the title of Kaiser-i-hind or Queen Empress of India.
Introduced the gold standard into the monetary system.