Lord Cornwallis introduced a new revenue system under the Permanent Settlement of Bengal in 1793 with a view to stabilize land revenue and create a loyal contented class of Zamindars.

The correct answer is option 'A', Lord Cornwallis introduced the permanent settlement in Bengal.

Explanation:

Introduction of Permanent Settlement:
The Permanent Settlement, also known as the Cornwallis Code, was introduced by Lord Cornwallis in Bengal in 1793. It was a significant land reform policy implemented by the British in India.

Reasons for the Introduction:
The British East India Company had gained control over Bengal after the Battle of Plassey in 1757. The company faced various challenges in collecting revenue from the land and managing the agricultural sector. The primary objective behind the Permanent Settlement was to establish a stable revenue system and ensure the smooth collection of taxes.

Key Features of the Permanent Settlement:

1. Zamindari System:
Under the Permanent Settlement, the Zamindari system was introduced. The Zamindars, who were essentially large landowners, were made permanent proprietors of the land. They were given the right to collect revenue from the peasants and pay a fixed amount as land revenue to the British government.

2. Fixation of Land Revenue:
The most significant aspect of the Permanent Settlement was the fixation of land revenue. The Zamindars were required to pay a fixed amount, known as the "Permanent Settlement Rent," to the British government. This fixed amount remained constant regardless of the fluctuations in agricultural production or revenue collection from the peasants.

3. Hereditary Rights:
The Zamindars were granted hereditary rights over their estates. This meant that the ownership of land and the right to collect revenue would pass on to their descendants. The British government aimed to create a class of loyal landowners who would act as intermediaries between the government and the peasants.

4. Impact on Peasants:
The Permanent Settlement had mixed consequences for the peasants. While it provided stability in terms of fixed land revenue, it also led to the exploitation of peasants by the Zamindars. The Zamindars often increased the rent and imposed heavy taxes on the peasants to maximize their profits.

5. Spread to Other Regions:
After its introduction in Bengal, the Permanent Settlement was extended to other parts of India under British rule. However, it was not uniformly successful in all regions, and its impact varied depending on the local conditions and the effectiveness of the Zamindari system.

Conclusion:
The introduction of the Permanent Settlement by Lord Cornwallis in Bengal was a significant step in British land reforms in India. While it aimed to create a stable revenue system, it also led to the consolidation of power in the hands of Zamindars and the exploitation of peasants. The Permanent Settlement had a lasting impact on the socio-economic structure of Bengal and influenced subsequent land policies in India.