Permanent Settlement established a system of land ownership and revenue collection in parts of India in 1793. It made zamindars the owners of land as long as they paid a fixed revenue amount to the British. This provided the British a stable income from land taxes. However, it also led to problems like new zamindars exploiting peasants, the rise of money lenders, and the commercialization of agriculture as zamindars focused on profits over people. The British were also unable to increase revenues from the lands despite economic growth.