Karl Marx was the firstperson who defined the "Sepoy Mutiny of 1857" as the First war of Independence. In an article written by Jamil Iqbal in " In Defense of Marxism" outlined Marxist analysis by saying that" how British Imperialism, by introducing capitalist methods, broke down the old Asiatic mode of production and with it the old type of social structures. The British Capitalists did this simply to facilitate the exploitation of Indian resources and labour, but by so doing also prepared ground for the modern struggle agianst British Imperialism. "
This revolt was not only against the social system that the British was going to introduce but it was also the against of the capitalist mode of exploitation. Previously, the conquerors who had come to India never tried to exploit the people of India against the then mode of productions.
This is Marxian analysis of the Great revolution of 1857.
After this revolt the British Capitalists changed their their method of exploitation by introducing capitals in India and gradually developed Industry in India. Introduction of railway was just to facilitate the modern system of communication to develope the superstructure within India.