The wealth of India has been legendary in history. Almost all foreign writers have spoken very highly of the wealth of India. Let us look at a few accounts:
During the Persian Empire:
During the late sixth and early fifth centuries BCE, when the Persian empire was at its height, most of what was then Greece and much of Northwestern India were united under Persian rule. Interestingly, the Greek historian Herodotus, who lived in the fifth century BCE, provides in the third book of his Histories a list of the tribute paid by all twenty of the provinces of Persia. Regarding the province of Northwest India, he commented that “the Indians, the most populous nation in the world, paid the largest sum: 360 talents of gold-dust.” (de S?lincourt 1996:192) This was a princely sum, considering that the other provinces all paid in silver. According to Herodotus, the overall revenue of the Persians under Darius was 14,560 Euboean talents, 4680 of which were provided by Indians in the form of gold dust. India provided almost one third of their revenue, far more than was contributed by Greece, Egypt, Babylon or any of the Persian provinces. And when we take into account that only a relatively small portion of India was under Persian authority, there seems little doubt that India was quite economically better off than her Western neighbors.
During Roman period:
During the Roman period there was a brisk sea trade between India and Rome, mainly in spices and valuable trade items. Many of these Indian goods were known to Romans such as Pliny, who recognized them as being of Indian origin. (See Karttunen 1997, pp. 148-49) By the Roman era the pattern that came to dominate trans-Eurasian trade for the next two millennia was well established. This pattern was one of trade imbalance, in which the goods produced in India and Southern Asia were highly valued by peoples in the more northern and western parts of the continent, who were unable in turn to produce goods in sufficient quantity or quality to offset this imbalance.
Throughout the ages the trading connections between Europe and Asia have been based on the Europeans’ desire to obtain the luxury products of the East. Thus trade involved goods that were light in weight but high in price. The products given in exchange by the Europeans consisted partly of textiles, metal goods and the like, but also to a significant extent of precious metals in uncoined and above all in coined forms. (Attman 1981:8)
Pliny commented on the Roman trade with India, and on the sizable trade imbalance made up by the export to India of silver coins. This report has been verified through the discovery of large hoards of Roman silver coins throught South Asia. (Attman 1981:8)
Accounts of travellers into India:
Accounts of travelers during this period indicate that India was a thriving, sophisticated amalgam of diverse and interrelated civilizations. For example, the Chinese pilgrim Xuan-zang, who traveled throughout India during the first half of the seventh century, describes thus the city of Kanyakubja (later called Kanauj), which was the capital of King Siladitya who at the time ruled most of North India:
This kingdom is about 4000 li [17] in circuit; the capital, on the west, borders on the river Ganges. It is about 20 li in length and 4 or 5 li in breadth. The city has a dry ditch round it, with strong and lofty towers facing one another. The flowers and woods, the lakes and ponds, bright and pure and shining like mirrors, (are seen on every side). Valuable merchandise is collected here in great quantities. The people are well off and contented, the houses rich and well found. Flowers and fruits abound in every place, and the land is sown and reaped in due seasons. [18]
- The Medieval Period
During the period ranging between the seventh through eleventh centuries, trade between India and the West was controlled by the Arab Caliphate, which exchanged Indian luxury goods for European gold. This trade imbalance was mitigated somewhat by the Arab trade with Russian and Nordic merchants, where at trading centers on the Volga the Europeans traded slaves, furs and swords for Indian luxury goods as well as gold and silver coinage. This trade ceased during the tenth century when Turkestan and Khorasan passed from Arab to Turkish control. (Attman 1981:10-12).
During the eleventh century, Italian merchants began traveling to Egypt and Syria, exchanging textiles, furs, metals, weapons and slaves for Indian and Arabian luxury items. During the crusades Venetian and Genoan merchants dominated trade with the Middle East. Trade items sought by the Europeans included spices, silk and cotton, dyestuffs and drugs, which were highly valued throughout Europe.
These items were of high value, and in exchange for them Venice and Genoa provided textile and metal products from the industries of Western Europe. But the value of the exports from Europe was far from sufficient to balance that of imports from the Orient. A balance was achieved through massive exports of gold and silver from the cities of Italy, France and Spain. (Attman 1981:15)
Thus the pattern of trade imbalance in India’s favour established during the Roman era was replicated once Europe arose from its dark age and was reacquainted with high quality Indian merchandise via the Arabs. This led to a chronic bullion shortage throughout Europe, a problem that became particularly acute during the fifteenth century.
This trade imbalance, naturally, contributed to the wealth of Indian society, which was attested by foreign travelers from throughout the world. For example, a Persian account, the Mukhtasiru-t Tawarikh, describes India or “Hindustan” in the following manner:
India is a very large country, and it is so extensive that other countries are not equal to a hundredth part of it. Notwithstanding its extensive area, it is populated in all places. It abounds in all quarters and every district with cities, towns, villages, caravanserais, forts, citadels, mosques, temples, monasteries, cells, magnificent buildings, delightful gardens, fine trees, pleasant green fields, running streams, and impetuous rivers. On all the public roads and streets strong bridges are made over every river and rill, and embankments are also raised. Lofty minarets are made at the distance of each kos to indicate the road, and at every two parasangs inns are built of strong masonry for travelers to dwell in and take rest. At each inn can be obtained every kind of food and drink, all sorts of medicine, and all kinds of necessary instruments and utensils. On all roads shadowy and fruitful trees are planted on both sides. Wells and tanks are dug which contain fresh and sweet water in abundance. The passengers go along the roads under the shadow of trees, amusing themselves, eating the fruits and drinking cold water, as if they were taking a walk among the beds of a garden. The merchants, tradesman and all travelers, without any fear of thieves and robbers, take their goods and loads safe to their distant destinations. The whole of this country is very fertile, and the products of Iran, Turan, and other climates are not equal to those of even one province of Hindustan. In this country there are also mines of diamonds, ruby, gold, silver, copper, lead, and iron. The soil is generally good, and so productive that in a year it yields two crops, and in some places more. All kinds of grain, the sustenance of human life, are brought forth in such quantities that it is beyond the power of pen to enumerate. [21]
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