1.INTERNAL TRADE

TYPES OF MERCHANTS:---------- THERE WERE TWO TYPES OF

MERCHANTS SHRESHTI AND SARTHAVA. THE SHRESHTI WAS USUAKKY SETTLED

AT A PARTICULAR PLACE AND ENJOYED A PROMINENT POSITION ,BY VIRTUE OF WEALTH AND POSITION IN THE COMMERCIL LIFE AND ADMINISTRATION OF THE PLACE.

THE SARTHAVA WAS A CARAVAN TRADER WHO CARRIED HIS MERCHANDISE TO DIFFERENT PLACES FOR PROFITABLE GAINS.

ITEMS OF TRADE:--------- WHILE THE LOCAL TRADE WAS

MOSTLY CONFINED TO THE ARTICLES OF THE DAILY USE ,TRADE BETWEEN THE DIFFERENT PARTS OF INDIA WAS USUALLY FOR THE VALUABLE ANDD THE LUXURY COMMODITIES LIKE PEPPER,SANDALWOOD,CORAL,MUSK,SAFFRON,YAK’S TAIL,ELEPHANT ,HORSES,GOLD ,COPPER ,IRON AND MICA.

TRADE PRACTISONES:----------- NARADA AND THE BRIHASPATI LAID

DOWN MANY REGULATIONS TO GOVERN THE TRADE PRACTISES OF THE TIME, PARTICULARLY CONCERNING THE RETUEN OF GOODS ONCE SOLD,QUALITY OF THE GOODS,DISHONEST DEALINGS IN SUBSTANDARD AND THE STOLEN GOODS.

PRICE AND MEASUREMENTS:---------- UNLIKE THE MAURAYANS ,THE

GUPTAS DID NOT TRY TO FIX THE PRICES ,WHICH ,THEREFORE FLUCTUATED ACCORDING TO THE DEMANDS AND SUPPLY.

IN THE GUPYA PERIOD NOT ONLY THE PRICES BUT THE UNITS OF MEASUREMENT DIFFERED FROM PLACE TO PLACE.

2. EXTERNAL TRADE

FOREIGN TRADE IN THE GUPTA PERIOD DOES NOT SEEM TO HAVE BEEN AS EXTENSIVE AS IN THE PRE-GUPTA PERIOD .

TRADE WITH THE ROME ,WHICH WAS THE MAIN SOURCE OF EARNING BULLION FOR INDIA,WAS UNDERMINED BY THE ROMAN REACTION AGAINST THE DRAIN OF GOLD AND WAS COMPLETELY STOPPED BECAUSE OF THE BARBARIAN RAIDS OF THE ROMAN AND THE GUPTAN EMPIRES.

TRADE WAS HOWEVER REVIVED BETWEEN INDIA AND THE BYZANTINE EMPIRE ,AS WE LEARN FROM THE ACCOUNT OF PROCOPIUS AND IT PROBABLY WORKED IN FAVOUR OF INDIA.

TRADE WITH THE BYZANTINE EMPIRE:-----

THERE WAS CONSIDERABLE VOLUME OF TRADE BETWEEN THE TWO.

ROMAN EMPIRE IMPORTED IRON ,IVORYA ND COTTON BUT THE MOST IMPORTANT WERE SPICES AND SILK.

THE PERSION TRADERS USED TO MAKE PROFIT AS THEY ACTED AS THE MIDDLEMEN.

BESIDES THIS INDIA ALSO HAS TRADING LINKS WITH ARABIA,PERSIA AND PERHAPS AND PERHAPS ARMENIA.

TRADE WITH CEYLON----------- INDIA’S IMPORT FROM CEYLON WERE

PERHAPS PEARLS AND SILVER. INDIA EXPORTED

TEXTILES,SPICES,SANDALWOOD,MUSK,CASTOR OIL HORSES AND ELEPHANTS.

TRADE WITH SOUTH-EAST ASIA------------- THE PEOPLE OF SOUTH AND EASTERN

INDIA CARRIED ON TRADE WITH SOUTH-EAST ASIA BUT THE TRADING LIKS WERE NOT AS EXTENSIVE AS WTH THE RYZANTINE EMPIRE.NOR IT DID EFFECT THE MATERIALISTIC ASPECT OF THE INLAND PEOPLE.

HOWERVER THE TRADING LINKS PRODUCED FAR REACHING EFFECTS IN THE REALM OF CULTURE.

GUILDS

THE GIULDS OF THESE TIMES NOT ONLY CARRIED OUT THE TRADING FUNCTIONS BUT ALSO PERFORMS THE JUDICIAL AND THE EXECUTIVE FUNCTIONS.

EPIGRAPHIC EVIDENCE SHOWED THAT THE GUILDS OF THESE TOMES ALSO MAINTAINED THEIR OWN MILITIA CALLES THE SRENIBALA.

THE EARLIER TEXTS ENJOIN THE KING TO PAY RESPECT TO THE CUSTOMS OF THE GUILDS,BUT THOSE OF THE GUPTAN TIMES INSTRUCT THE KING TO ENFORCE THE USAGES PRECALENT IN THE GUILDS.

BRIHASPATI LAYS DOWN THAT WHATEVER IS DONE BY THE HEADS OF THE GUILD S,IN ACCORDANCE WITH THE PRESCRIBED REGULATIONS,MUST BE APPROVED BY THE KING .

THIS SHOWS THAT THE GUILDS WERE FREE TO ACT IN WHATEVER MANNER THEY LIKED, AND THE KING WAS TO BOUND TO ACCEPT THEIR DECISION.

NARADA LAID DOWN THAT THE KING SHALL PREVENT THE COMBINATION OF DIFFERENT ,PROBABLY OF THE HOSTILE NATURE.HE ALSO ASKED THE GULDS TO PREVENT THEMSELVES FROM EMBARKING ON THE ANT-STATE,IMMORAL AND CRIMINAL ACTIVITIES.

BUT ALL THE ABOVE REGULATIONS CLEARLY STATES THAT IN THE GUPTA PERIOD THE GUILDS WERE CONSIDERED CAPABLE OF THREATENING THE STATE.

CURRENCY

CANDRAGUPTA-KUMARDEVI TYPE COINS WERE THE EARLIEST TYPE OF COINS OF THE GUPTA DYNASTY.

SOME SCHOLORS SUGGESTED THAT SAMUDRAGUPTA FIRST ISSUED GUPTA COINS AND THAT HIS GOLD COINS WERE OF THE STANDARD TYPE AND LATER ON HE ISSUED THE CHANDRAGUPTA –KUMARDEVI TYPE OF COINS SO AS TO COMMEMERATE THE MARRIAGE OF THE LICCHAVI PRINCES TO HIS FATHER.

BUT IT IS CERTAIN THAT THE MINTING OF THE SILVER COINS WERE FIRST STARTED DURING THE REIGNOF CHANDRAGUPTA-II .

COPPER COINS WERE ALSO ISSUED ATLEAST IN THE REIGN OF THE CHANDRAGUPTA-II AND KUMARGUPTA.

THE GOLD COINS ISSUED BY THE GUPTA RULERS COULD BE USEFUL ONLY FOR THE BIG TRANSACTIONS SUCH AS THE SALE AND PURCHASE OF LAND AND PROPERTY.SMALLER TRANSCTIONS WERE EVIDENTLY CONDUCTED THROUGH THE BARTER SYSTEM OR THE COWERIES.

USURY

TOUGH IT WAS WELL RECOGNISED PROFESSION ,BUT THE WEALTH ACQUIRED BY IT DID NOT EARN THE REPUTATION OF THE SOCIETY.

THE NORMAL RATE OF INTEREST ACCORDING TO NARAD AND BRIHASPATI WAS 15% PER ANNUM.BUT INTERESTINGLY THE RATE OF INTEREST VARIED FROM CASTE TO CASTE ,THE LOWEST BEING PAYED BY THE BRAHAMINS.

THE OBLIGATIO TO REPAY LOAN WAS INHERITED BY THE SON OR ANY ANOTHER LEGAL HEIR.

NARAD AND BRIHASPATI LAID DOWN THE RULES FOR CONDUCT OF THIS BUSINESS AND POINTED OUT THE LEGAL,MORAL, AND ECONOMIC JUSTIFICATIONS OF THE INTEREST.

THE GUPTA STATE HAS APPARENTLY LITTLE RESPONSIBILITY CONCERNING THE CONTRACT BETWEEN THE LENDER AND THE BORROWER AND PERHAPS INTERVENED ONLY IN EXTREME CASES OF USURY.ALMOST VIRTUAL ABSENCE OF STATE CONTROL OF MIGHT WELL HAVE LED TO GREAT DISTRESS TO THE BORROWER.

AGRARIAN STRUCTURE

THE STATE WAS THE EXCLUSIVE OWNER OF LAND .THE MOST DECISIMENT ARGUMENT IN FAVOUR OF THE EXCLUSIVE STATE OWNERSHIP OF THE LAND WAS THE PAHARPUR COPPER PLATE INSCRIPTION OF BUDDHAGUPTA WHERE IT IS STATED THAT THE EMPEROR ACQUIRED WEALTH AS WELL AS THE SPIRITUAL MERIT ,WHEN HE MADE THE LAND GRANTS.THIS MAKES IT OBVIOUS THAT HE WAS THE OWNER OF THE LAND.

FROM THE ECONOMIC VIEW POINT THE LANDS OF THE GOUPTA PERIOD WAS CLASSIFIED INTO THE THE FOLLOWING:

1.KSHETRA:CULTIVABLE LAND 2.KHILA:WASTE LAND 3.APRAHATA:JUNGLE OR FOREST LAND 4.VASTI:HABITABLE LAND 5.GAPATA SARAH:PASTURE LAND MOST IMPORTANT KIND OF LAND TENURE PREVELANT IN THE GUPTA PERIOD

WAS THAT OF THE NIVI DHARMA , WHICH MEANS LAND OWNER SHIP IN PERPETUITY.

IN TH GUPTA PERIOD THE LAND SUEVEY WAS EVIDENT FROM THE POONA PLATE OF PRABHAVATI GUPTA.AN OFFICER NAMED PUSTAPALA MAINTAINED THE RECORDS OF ALL LAND TRANSACTIONS I N THE DISTRICT.

DIFFERENT KIND OF TAXES.

BHAGA:CUSTOMORY SHARE OF THE KING(1/6TH OF THE PRODUCE)

BHOGA:PERIODIC SUPPLY OF THE FRITS,VEGETABLES,WOOD,FLOWERS ETC WHICH THE VILLAGERS HAD TO FURNISH TO THE KING.

KARA:A PERIODIC TAX LEVIED TO THE VILLAGERS. BALI:IT WAS VOLUNTARY OFFERING MADE TO THE KING. UDAINGA:IT WAS APOLICE TAX OR THE WATER TAX. UPARIKARA:IT WAS AN EXTRA TAX LEVIED ON THE

VILLAGERS. HIRANYA:TAX PAYABLE IN THE GOLD COINS VATA-BHUTA:DIFFERENT KIND OF TAXES FOR THE

MAINTENANCE OF RITES FOR THE WINDS AND THE SPIRITS. HALIVAKARA:IT WAS A PLOUGH TAX. SULKA:CUSTOM AND TOLLS. KLIPTA AND UPKLIPTA:PURCHASE AND THE SALES TAX.

STATE OF AGRICULTURE

THERE ARE PLENTIFUL REFERENCES OF AGRICULTURE AND ITS EVERY ASPECT IN THE SOURCES OF THE GUPTA PERIOD.

A GENEROUS NATURE AND THE ESTABLISHMENT OF IRRIGATION FACILITIES GREATLY ESTABLISHED THE EXPANSION OF THE AGRICULTURE.

WE FIND IN KALIDASA THAT EVEN THE HERMITS UTILISED LANDS FOR THE PURPOSE OF AGRICULTURE AND PRODUCED DIFFERENT KINDS OF FOOD GRAINS FOR THEIR OWN MAINTENANCE.

KEEPING THE IMPORTANCE OF AGRICULTURE IN VIEW,BOTH NARAD AND BRIHASPATI LAID DOWN THE RULES FOR THE DRASTIC PUNISHMENT OF THOSE GUILTY OF THOSE GUILTY OF EITHER DAMAGING CORPS OR STEALING FOOD GRAINS.

THOUGH WE FIND NUMEROUS EXAMPLES OF THE PROSPEROUS AGRICULTURE DURING THIS PERIOD ,THERE WERE EQUALLY FREQUENT REFERENCES TO DROUGHTS,FLOODS,CROP FAILURES AND FAMINES.

INDUSTRY:MINING AND METALURGY THIS INDUSTRY CERTAINLY OCCUPIED THE TOP

MOST POSITION IN THE GUPTA PERIOD. IT IS EVIDENT FROM THE GUPTA PERIOD THAT

THE MINES OF THE KUSHANA PERIOD CONTINUED TO WORKED DURING THE GUPTA PERIOD.

THE AMARKOSA OF AMARSIMHA GIVES A COMPREHENSIVE LIST OF THE METALS.

OF ALL THE METALS PROBABLY THE IRON WAS MOST USEFUL,AND THE BLACKSMITHS WERE ONLY NEXT TO PEASENTS IN THE IMPORTACE TO THE RURAL COMMUNITY.

A SIGNIFICANT DEVELOPMENT IN THE METAL INDUSTRY DURING THIS PERIOD WAS THE MANUFACTURE SEALS AND THE STATUES ,PARTICULARLY OF THE BUDDHA.

URBAN CENTRES

THE EMERGENCE OF THE SELF-SUFFICIENT UNITS OF PRODUCTION IS LASO INDICATED BY THE GRADUAL DECAY OF THE URBAN CENTRES DURING THE GUPTA PERIOD.

IN MANY URBAN SITES THE HABITATION DISAPPEARED AFTER THE SIXTH CENTURY A.D

CONCLUSION

IT IS THEREFORE ARGUED THAT THE INDIAN ECONOMY INTHIS PERIOD WAS LARGELY BASED ON THE SELF SUFFICIENT UNITS OF PRODUCTION IN VILLAGES AND TOWNS,AND THAT THE MONEY ECONOMY WAS GRADUALLY BECOMING WEAKER DURING THIS TIME.

THE BOND OF THE STATE CONTROL WHICH KEPT THE UNITS TOGETHER IN THE MAURAYAN PERIOD AND THAT OF THE COPPER CURRENCY WHICH UNIFIED IT IN THE IN THE PRE-GUPTA PEROID NO LONGER OPERATED DURING THIS PERIOD.

THIS HOWEVER DOES NOT MEAN THAT THE PRODUCTION DECLINED ,INSTEAD AGRICULTURE AND CRAFT PRODUCTION HAS SHOWN A SUBSTIAL INCREASE.