explain the economic conditions during the region of gupthas
Answers
During the Gupta period agriculture formed a significant part of the empire’s economy. However, the trade and commerce activities of the Gupta Empire grew steadily. The merchant and other traders were organized into guilds. These guilds were given concessions in the taxes that were liable to be paid to the government.
The guilds played a chief role in the goods industry and also helped to further strengthen the economic condition of the empire. The guilds had regulated their own laws and all the member merchants were expected to abide by these laws.
At the time of the Gupta dynasty rule kings gave land grants to the Buddhist church. The church or the sangha took up the role of a banker and provided monetary support on interest to those in need. During this period, borrowing money was less expensive as compared to the Mauryan Empire. There was no fixed rate of interest since there was none prescribed by the government.
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