The period between the sixteenth and eighteenth centuries was marked by a remarkable stability in th...........

Ancient and Medival History Later Mughals and Advent of Europeans

The period between the sixteenth and eighteenth centuries was marked by a remarkable stability in the availability of metal currency, particularly the silver rupya in India. This was mainly due to

1. The large natural reserves of silver in India that were successfully exploited and mined by the Mughal state.

2. An expanding trade brought in huge amounts of silver bullion into Asia to pay for goods procured from India.

Which of the above is/are correct?

1 only

2 only

Both

None

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Explanation:

The political stability achieved by Mughal empires in India helped create vibrant networks of overland trade from China to the Mediterranean Sea.Voyages of discovery and the opening up of the New World resulted in a massive expansion of Asia’s (particularly India’s) trade with Europe.This resulted in a greater geographical diversity of India’s overseas trade as well as an expansion in the commodity composition of this trade.This was good for India as it did not have natural resources of silver.This facilitated an unprecedented expansion of minting of coins and the circulation of money in the economy as well as the ability of the Mughal state to extract taxes and revenue in cash.