ECONOMIC CONDITION OF INDIA DURING MUGHAL PERIOD (16th - 18th CENTURY): AN INTROSPECTIVE STUDY

Abstract: The latter Mughal Empire had a number of economic difficulties in spite of its opulence. The empire's resources were depleted by the ceaseless battle, especially during Aurangzeb's leadership. The stability of the economy was threatened by the emergence of administrative inefficiencies and corruption. Again, established commercial networks and economic systems started to be upended by the expanding influence of European powers, particularly the British East India Company. Objective: The main aim of the study is to explore the economic condition of the people during Mughal period in India. Methodology: This study is based different materials collected from different secondary sources. Descriptive analysis, content analysis, and text analysis are among the several quantitative and qualitative analytic techniques used. Results and Discussions: The economy of the Mughals was vast and thriving. Up to 1750, India accounted for 24.5% of global industrial production. Similar to Western Europe in the eighteenth century before the Industrial Revolution, India's economy has been compared to a proto-industrialization model. The nation was united under the Mughals, who also constructed a vast road network and standardised the currency. The Mughals established a public works agency that designed, built, and maintained a vast road network that connected villages and cities throughout the empire and facilitated commerce, making it an essential aspect of the economic infrastructure. Findings: The foundation of wealth was agriculture. Mughal India was a pioneer in metals, carpets, jewels, and textiles. A commercialized economy was encouraged by a standardized currency system. The economy was undermined by excessive taxes, corruption, and ineffective administration. Conclusion: The economic variables demonstrated encouraging development characteristics, including a potential rise in agricultural production, trade and commerce, township creation, and an effective money circulation system.