The Gupta Empire was a prehistoric Indian empire from the early fourth century CE to the late sixth century CE. The Indian subcontinent was mostly covered during its height, between 319 and 467 CE. During the Gupta dynasty, industry and trade were generally prosperous. Foreign trade was in balance. The decline of Roman trade was the most significant change in international trade. An idea of the economic life of the people of Gupta times can be taken from Fa-Hien, who visited different parts of the Gupta empire. Among other things, he informs us that Magadh was full of cities and its rich people supported Buddhism and gave charities.

Background

• In ancient India. The guptas issued the largest number of gold coins which were called dinars in their inscriptions. Regular in size and weight, they appear in many types and subtypes.
• They clearly portray Gupta kings, indicating the latter’s love for war and art. Although in gold content these coins are not as pure as Kushan ones.
• They not only served to pay the officers in the army and administration but also to meet the needs of the sale and purchase of land.
• After the conquest of Gujarat, the guptas issued a good number of silver coins mainly for local exchange, in which silver occupied an important position under the Western Kshatrapas.
• In contrast to those of the Kushans, the Gupta copper coins are very few. This would suggest that the use of money did not touch the common people so much as it did under the Kushans.
• Compared to the earlier period we notice a decline in long distance trade. Till 550AD India carried on some trade with the eastern Roman Empire to which it exported silk.
• Around AD 550 the people of the eastern Roman Empirelearn from the Chinese the art of growing silk, which adversely affected the export of India. Even before the middle of the 6th century the demand for Indian silk abroad had slackened.
• In the middle of the 5th century a guild of silk weavers left their original home in western India in the country of Lata in Gujarat and migrated to mundus Mandasor, where they gave up the original occupation and took to other professions.
• The striking development of the Gupta period, especially in Madhya Pradesh, was the emergence of priestly landlords at the cost of local peasants. Land grants made to the priest certainly bought many virgin areas under cultivation.
• But these beneficiaries were imposed from above on the local tribal peasants, who were reduced to a lower status. In central and western India the peasants were also subjected to forced labor.
• On the other hand a good deal of virgin land was brought under cultivation and better knowledge of agriculture seems to have been introduced by the brahmana beneficiaries in the tribal area of central India.