Who introduced permanent settlement policy in 1793 to fix the revenue between East India Company and landlords?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Lord Cornwallis.
The Permanent Settlement policy, introduced in 1793 to fix revenue between the East India Company and landlords, was implemented by Lord Cornwallis, the then Governor-General of Bengal.
- Purpose: The Permanent Settlement aimed to stabilize land revenue collection and create a system where landlords (zamindars) would have hereditary rights to the land in exchange for a fixed tax payment to the East India Company.
- Implementation: Lord Cornwallis, as the Governor-General, oversaw the implementation of this policy in 1793, which was also known as the Zamindari System.
- Areas Affected: The Permanent Settlement was primarily applied to Bengal, Bihar, and Orissa, and later extended to Varanasi.
- Significance: The policy had significant consequences for the socio-economic structure of the region, leading to the emergence of a landed aristocracy (zamindars) who often exploited the peasantry.
- Consequences: While intended to stabilize revenue, the Permanent Settlement also led to issues such as the inability of zamindars to meet the fixed revenue demands, resulting in the loss of their land to the East India Company.