The rule introduced by the British towards the relation of land and the usurers not only changed the concepts of the land but also it changed the old system totally. Previously, in the old Indian village system, the rights of either the owner or its usurers were not unlimited.
When the English concept of land ownership was brought into practice in India,the owner,could mortgage or sell his right on the land created a new class of money-lenders to whom the land might be mortgaged to pay the rents or taxes to the Government. Thus the land owners or the usurers both were exploited by the loan given for a short term with high rate of interests.
This new rule had reduced production of the land. For instance, Indian textiles exported in 1785-86 amounted to Rs. 21,22,319.5, in 1829-30 the value of textiles exported reduced to Rs. 6,95,725. On the other side goods imported from England increased from 18,00,000 in 1814to 45,00,000 in 1829.
This is to be noted that the development of Capitalism in England were accelerated proportionately by the exploitation of Indian people.The pauperisation of the rural people as a result of the land reform introducedby the company and the decline in the trading and industrial sectorsruined both the villagers and the urban areas alike.
Many revoltserupted in several parts of the country at the end of 18th and begining of the 19th century which culminated in the Great revolution of the Sepoys in 1857-58.
