The British East India Company was given the right to collect revenue from Bengal-Bihar by the treaty of Allahabad after defeating the combined armies of Nawab Mir Qasim of Bengal, Nawab of Awadh and Mughal emperor at the Battle of Buxar. They annexed Bengal in 1793 after abolishing local rule (Nizamat). The British looted the Bengal treasury, appropriating wealth valued at US$40 billion in modern-day prices. Due to high colonial taxation, Bengali commerce shrank by 50% within 40 years, while at the same time British imports flooded the market. Spinners and weavers starved during famines and Bengal's once industrious cities became impoverished. The East India Company forced opium and indigo cultivation and the permanent settlement dismantled centuries of joint Muslim-Hindu political, military and feudal cooperation.