<p style="margin: 0in; font-family: Söhne; font-size: 12.0pt; color: #374151;">Baba Banda Singh Bahadur's regime in the early 18th century faced considerable financial challenges, primarily due to the nature of his insurgency against the Mughal Empire. The Khalsa, under Banda Singh Bahadur's leadership, aimed at challenging oppressive regimes and establishing a just socio-political order. However, the resource constraints and the exigencies of guerrilla warfare presented financial management challenges. The Khalsa Raj, while symbolizing a vision of equality and justice, operated in a context of limited resources and faced opposition from well-established imperial powers.</p>
&nbsp;
<p style="margin: 0in; font-family: Söhne; font-size: 12.0pt; color: #374151;">Banda Singh Bahadur's land reforms, though just and transformative, had economic implications that influenced the financial stability of the regions under his control. The abolition of the zamindari system disrupted existing revenue structures, and the redistribution of land to peasants, while equitable, posed challenges in maintaining a stable financial system. Additionally, the military expenditures associated with the insurgency strained the financial resources of the Khalsa Raj. Despite these challenges, Banda Singh Bahadur's leadership inspired a spirit of sacrifice and commitment among his followers, showcasing the prioritization of principles over immediate financial considerations.</p>
&nbsp;
<p style="margin: 0in; font-family: Söhne; font-size: 12.0pt; color: #374151;">In conclusion, Maharaja Ranjit Singh's regime exemplified financial stability through responsible fiscal policies, efficient revenue collection, and economic prosperity from trade. In contrast, Baba Banda Singh Bahadur's regime faced financial challenges due to the nature of insurgency and transformative land reforms. While Ranjit Singh's financial stability contributed to the longevity of the Sikh Empire, Banda Singh Bahadur's leadership prioritized principles of justice and equality over immediate financial concerns, leaving a significant impact on the historical narrative of resistance against oppression.</p>