Ryotwari system of revenue collection in India, introduced by the British, was based on the _______.

Correct option is B

The correct answer is (b) Ricardian theory of rent.
The Ryotwari system of revenue collection in India, introduced by the British, was based on the Ricardian theory of rent. This system, implemented primarily in the Madras and Bombay Presidencies, involved direct settlement between the government and the individual cultivator (ryot). According to the Ricardian theory of rent, rent is a function of the fertility and location of the land. The Ryotwari system reflected this by assessing land revenue based on the productive capacity of each plot of land.
Therefore, the correct answer is (b) Ricardian theory of rent.