Antique British-India Merchant flag outlet 56” long and 34” wide-

Beautiful antique large flag I picked up in an old estate. British-India merchant flag. Not exactly sure of its time period or exactly it's meaning. Not sure when outlet it was made but it looks quite old and is in great condition. See pics-
Someone has written in marker “ India” - is the only flaw I can see besides tiny discoloration here and there. Please feel free to ask questions, and I will try to answer to the best of my knowledge. Thank you!