The establishment narrative of Indian history uses the East India Company as a talking point to instill a sense of fear and hatred of free market capitalism and corporations in people.

This fuels public sentiment that supports heavy regulation, intervention and licensing by the state.

The EIC was a mercantilist organisation with monopoly privileges granted by the state/states. It did not respect property rights or free trade. It was a criminal organisation that was anti-capitalist.

To put it crudely, they were a gang of thieves and murderers.

To use them as an example to make a case for socialism or statism is to prefer one gang of thieves and murders over the other.

Unlike egalitarian fantasies, the idea of property rights do not need force to gain acceptance.