The twin processes of drain and de-industrialization were carried out extensively through the various stages of colonial rule. The process itself started from 1757 when with the battle of Plassey, the East India Company, representing the British mercentile class, took over the Indian control. During the same period a fundamental change was taking place in Britain by a series of inventions leading to the Industrial Revolution. For example spinning-Jenny of Hargreaves in 1764; Watt's steam engine in 1765; water-frame of Arkwright in 1769; Crompton's mule in 1779; Cartweight's power-loom in 1785; and the steam-engine applied to blast furnaces in 1788. Before these inventions, the Bank of England was established in 1694 and plunder of India helped capital accumulation and inventions helped in generating Industrial Revolution. The transformation in England created new interests and East India Company became the target of attacks in England and finally its fate was sealed by the War of Indian Independence in 1857. Thus up to the end of nineteenth century India was sucked by the British during both phases of colonialism i.e. during mercantile capitalism and industrial revolution in England.