With reference to the guilds (Shreni) of ancient India that played a very important role in the country’s economy, which of the following statements is/are correct?
- Every guild was registered with the central authority of the State and the king was the chief administrative authority on them.
- The wages, rules of work, standards and prices were fixed by the guild.
- The guild had judicial powers over its own members.
Select the correct answer using the code given below:
- 1 and 2 only
- 3 only
- 2 and 3 only
- 1, 2 and 3
Explanation
Statement 1 is incorrect
- Both artisans (craft persons) and merchants were organised and formed associations known as guilds or shrenis under their respective headmen. While guilds (Shrenis) in ancient India were influential economic entities, they were generally autonomous and not necessarily registered with a central state authority. The king did recognize and sometimes protect guilds, but he was not the chief administrative authority over them. Guilds functioned as self-regulating organizations.
Statement 2 is correct
- The shrenis of crafts persons provided training, procured raw materials, and distributed the finished product. The shrenis of merchants organised the trade. These shrenis regulated crafts, and their heads would interact with the rulers on behalf of each industry.
- They also served as banks, where rich men and women deposited money. This was invested, and part of the interest was returned or used to support religious institutions such as monasteries.
Statement 3 is correct
- Guilds had their own judicial authority over their members. They resolved disputes internally, including trade-related issues, contract enforcement, and disciplinary actions.
