ECONOMY

ECONOMY

In ancient India, the Guptas issued the largest number of gold coins, which were called dinaras in their inscriptions but they were not a common currency. After the conquest of Gujarat, the Guptas issued a good number of silver coins., mainly for local exchange. Cowries, according to Fa­Hsien, became a common medium of exchange. In contrast to those of the Kushanas, the Gupta coppers are very few. Compared to the earlier period we notice a decline in long­distance trade. South-East Asia gained importance as a centre for Indian trade. After AD 550 the trade with the Roman empire slackened. The striking development of the Gupta period, especially in Madhya Pradesh, was the emergence of priestly landlords at the cost of local peasants. Peasants were sometimes subjected to forced labour.

The commodities for export continued to be more or less the same as before, but items of import now included Chinese silk in greater quantity and ivory from Ethiopia. Horses too were imported in great number from Arabia, Bactria and Iran. Cities like Banares. Thaneswar and Mathura came into prominence.