Password for the test : B1
Trade and Commerce
The contribution of traders to the
soundness of the Gupta economy is quite
impressive. Two distinctive types of traders
called sresti and sarthavaha existed. Sresti
was usually settled at a particular place and
enjoyed an eminent position by virtue of his
wealth and influence in the commercial life and
administration of the place. The sarthavaha
was a caravan trader who carried his goods to
different places for profitable sale.
Trade items ranged from products for
daily use to valuable and luxury goods. They
included pepper, sandalwood, ivory, elephants,
horses, gold, copper, iron and mica. The
abundant inscriptions and seals mentioning
artisans, merchants and guilds are indicative of
the thriving crafts and trade. (Guild is a society
or other organisation of people with common
interests or an association of merchants.)
There are several references in several sources
to artisans, traders and occupational groups
in the guilds. Guilds continued as the major
institution in the manufacture of goods and
in commercial enterprise. They remained
virtually autonomous in their internal
organisation, and the government respected
their laws. These laws were generally drafted
by a larger body, the corporation of guilds, of
which each guild was a member.
The Narada and Brihaspati Smritis
describe the organisation and activities of
guilds. They mention that the guild had a
chief and two, three or five executive officers.
Guild laws were apparently laid down in
written documents. The Brihaspati Smriti
refers to guilds rendering justice to their
members and suggests that these decisions
should, by and large, be approved by the king.
There is also mention of the philanthropic
activities of guilds, for instance, providing
shelter for travellers and building assembly
houses, temples and gardens. The inscription
also records that the chief of the guilds
played an important role in the district-level
administrative bodies. There is also mention
of joint corporate bodies of merchant-bankers,
caravan merchants and artisans. The guilds
also acted as banks. The names of donors are
mentioned in this inscription.
Usury (the lending of money at an
exorbitant rate of interest) was in practice
during the Gupta period. The detailed
discussion in the sources of that period
indicates that money was used, borrowed and
loaned for profit. There were many ports that
facilitated trade in the western coast of India
such as Calliena (Kalyan), Chaul port and the
markets of Mabar (Malabar), Mangarouth
(Mangalore), Salopatana, Nalopatana and
Pandopatana on the Malabar coast. Fahien
refers to Tamralipti in Bengal as an important
centre of trade on the eastern coast. These
ports and towns were connected with those of
Persia, Arabia and Byzantium on the one hand
and Sri Lanka, China and Southeast Asia on
the other. Fahien describes the perils of the
sea route between India and China. The goods
traded from India were rare gems, pearls, fine
textiles and aromatics. Indians imported silk
and other articles from China.
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