Why was an act of parliament concerning India passed in Britain in1773?

The Government of India Act 1773 was passed by the British Parliament primarily to address the administrative and financial challenges faced by the British East India Company in India. The act aimed to reorganize the company's governance, establish a more centralized authority, and curb corruption among company officials. It also marked the first step towards greater British government control over Indian affairs, laying the groundwork for formal colonial rule. Additionally, it sought to improve the company's financial situation and restore public confidence in its operations.