ECONOMIC CONDITION OF BENGAL UNDER THE MUGHALS:

Trade in Mughal India was quite large and diversified and involved huge numbers of people.
Besides, agriculture, industries had witnessed tremendous growth during the Mughal era.
Long distances trade was supported by improved conditions of the transport systems. One of
the most significant industries of the Mughal era was that of cotton cloth making industry.
Throughout the country various cotton manufacturing units were scattered that effectively
catered to the huge demands both domestic and international. Since long, province of Bengal
was well known for fine quality cotton and silk cloth. During that period, customs duties were
low and it was near about 3.5 percent on all exports and imports.

In different parts of the country, different communities dominated trade. Active trade existed
on and along the Ganga river and Jamuna river up to the city of Agra. This city mostly
imported raw silk and sugar from the province of Bengal and Patna, with butter, Rice and
wheat and salt from eastern provinces. During Mughal era, European traders also played an
important role. Many of them also established warehouses as well as distribution points in
Mughal India.
The common people generally did not suffer from want as almost all commodities of daily use
were available at a very cheap price. But the picture began to change with the accession of
Aurangzeb (1618-1707). The king, the rich traders, high state officials, mansabdars, etc had a
lot of wealth with them. The condition of the teachers, artists, craftsmen, etc was somewhat
satisfactory. But the peasants were by far the worst sufferers during this period. They were
forced to pay various taxes. They were also frequently exploited by the revenue officers.
As a whole, the Mughal age was considered as the age of relative peace and security and in
this era trade and commerce flourished tremendously. The booming trade centres in the
eastern region were Patna, Chittagong, Dhaka, Hoogli and Murshidabad.

Economic Status: factor in the economic structure of the Mughal period was a wide gap
separating the producers from the consumers. The producers were agriculturists, industrial
workers and traders. The consumer class comprised the nobles, officers of civil and military
department, professionals and religious classes, servants and slaves. The nobles and officers
who were paid high salaries spent lavishly on articles of luxury, marriages of their children,
on buildings, mausoleums, etc.

Agriculture: Agriculture was the foundation of the economy for a vast majority of people. It
was carried on much in the same manner as today. Besides the usual crops, such as rice,
wheat, barley, gram, peas and oil seeds, sugarcane and poppy were cultivated in many parts of
Bengal. There was localisation of crops. Sugarcane was cultivated in Bengal and Bihar. In
most cases, agricultural tools and implements were the same as now.

Industries: Besides agriculture, many small industries flourished during the Mughal period.
The most important small scale industry was cotton textile. Hand-loom weaving was known
to all villagers. Subsidiary dyeing industry also flourished side by side with the cotton
industry. Dhaka and some places in Bengal were famous for silk cloths, fine muslins and
mattresses. Many karkhanas or workshops were there which provided employment to
hundreds of people.
Trade: Commerce developed a lot during the Mughal period. The Portuguese, the French, the
Dutch and the English took away Indian goods for sale in European markets. The chief
exports were textiles, especially various types of cotton fabrics, paper, indigo, opium, spices,
sugar, salt, silk, turmeric etc.

Banking System: Modern banking system did not exist during the Mughal period. But most
transaction was conducted by group of people called the Sarafs and the Mahajans who
performed the duties of bankers. They used to lend money on interest to needy people and
earned a lot in return.
Mughal Coinage: The most significant monetary contribution of the Mughals was to bring
about uniformity and consolidation of the system of coinage throughout the Empire. The
system of tri-metalism was largely the creation of Sher Shah Suri (1540 to 1545 AD), an
Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was
termed the Rupiya. It remained largely unchanged till the early 20th Century. Together with
the silver Rupiya were issued gold coins called the Mohur and copper coins called Dam.
Where coin designs and minting techniques were concerned, Mughal Coinage reflected
originality and innovative skills. Mughal coin designs came to maturity during the reign of the
Grand Mughal, Akbar. Innovations like ornamentation of the background of the die with
floral scrollwork were introduced. Jahangir took a personal interest in his coinage. The
surviving gigantic coins are amongst the largest issued in the world. The Zodiacal signs,
portraits and literary verses and the excellent calligraphy that came to characterize his coins
took Mughal Coinage to new heights. Aurangzeb, the last of the Grand Mughals was strict in
his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of
Faith from his coins, and the format of coins was standardized to incorporate the name of the
ruler, the mint and the date of issue.