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The Mughal Economy

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Trade and Mughal Economy
As has been the policy of our Timurid ancestors, we have always encouraged the growth of trade and commerce. There exist a variety of factors that have cumulatively contributed to inland as well as foreign trade.

Inland Trade
Factors Contributing to the Growth of Inland Trade-
• Revenue Collection- Land Revenue collection, which has two stages under the present system- assessment and actual collection, is carried out separately for Kharif and Rabi crops. Although collection is carried out by three different methods (crop sharing, assessment based on land productivity and zabti), the zabti system of revenue collection, or collection of land revenue in cash, has helped in stimulating growth of trade and commerce. …show more content…

• Levying of very low custom duties (2.5-3%).
• Expansion of local handicrafts and industry, which led to an abundance of exportable goods.
These factors have helped in creating a favourable balance of trade, where in the value of exported goods is higher than the imports coming into the empire.
Imports
The demand of imports consists primarily either of consumption goods which are not being produced domestically for soil, climatic, or other reasons, or of minerals and metals of various kinds whose domestic supply is either nil or substantially below the total demand. In the first category, the list of imported items includes fine spices such as cloves, nutmeg, and mace from Indonesia, and horses and rosewater from western Asia. The second category includes rubies and other precious stones from Burma, as well as metals, both precious and nonprecious. Non-precious metals are also imported to an extent, such as tin from Malaya. Precious metals, mainly silver, are imported overwhelmingly from western Asia. Trade, thus, satisfies different kinds of consumption needs for our …show more content…

Owing to its proximity to sources of suitable timber, Chittagong speacializes in shipbuilding. While middlemen are responsible for the commercial side of these industries, the Mughal government makes crucial contributions. Emperor Jahangir, like his predecessors, controls a large number of royal workshops, which are responsible for the production of articles for the usage of the Emperor, the Court and the Imperial Army. Emperor Akbar, who took great interest in indigenous industries and their development was directly responsible for the expansion of silk weaving in Lahore, Agra, Fatehpur-Sikri and Gujarat. He opened a large number of factories at important centre, importing master weavers from Persia, Kashmir, and Turkistan. This expansion of local, indigenous industries has helped to create more demand for Hindustani goods in the international

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