A lot has been written about medieval Mughal rule in India in recent years. But these have been more about the iconic rulers than the ordinary masses. Hotly contested, some see the Mughal regime as benign while others claim it has harmed India’s long-term development. But by fixating on a king’s actions rather than those of his subjects, much seems to have been missed. Jagjeet Lally, an Associate Professor at University College, London, prisms the business practices of moneylenders, traders and the like to present the dynamic economic life through the Mughal period. Lally looks at the lives of a small trader like saint Guru Nanak, a failed businessman like Banarsidas and a complaining diplomat like Sir Thomas Roe to weave the daily rhythms of religious and commercial life in that era.

Through the lived reality of real-life characters of the time, Badshah Bandar Bazaar examines what has long been taken for granted about the Mughal empire. It identifies the regime as a mighty giant at the apex of both the fledgling markets and expanding ports. It is part of a series of books on The Story of Indian Business that aims to trace the arc of commerce from earliest times, “mining great ideas in business and economics that have shaped commerce.” Despite the ups and downs in Mughal authority, its impact on both local societies and economies remained profound and durable.

Dynamic and robust

Mughal power rested on the state’s ability to set and collect taxes effectively, while ensuring effective spending on defence and expansion of the regime. While day-to-day petty trading went on in full steam, the political elite were not disconnected as they depended on participation in rural and urban production cycles. As a result, an unprecedented degree of centralisation overtly nurtured the state as a mighty hegemon; in reality though, it had a soft version that made its economy dynamic and robust.

Interestingly, the day-to-day commercial life had an essential religious element. Guru Nanak and his Khatri background influenced trade and commerce during the early Mughal period. Though the guru applied his scribal and accounting skills in his early years before he set off to pursue his spiritual quest, the Khatris remained the core of the Sikh path, helping expand the regime. The globalisation of world economy started steadily after 1500, and with it the shift towards market-oriented production and marketing became relevant. With exotic goods for purchase, and ever more artful ways to make money, businesses became more potent and enticing. Some of the issues addressed in the book resonate powerfully even today.

Badshah, Bandar, Bazaar fuels new life and a fresh perspective into the economic history of the Mughal Empire. Six chapters in the book provide insights on the role trade and business played then, and the role it might play in emerging globalisation and development of capitalism.

Infrastructure development for trade and business held the key then, but it’s relevant even more today. The book relates the macro-level political reality with the ordinary lives of people, be it a diamond trader in Surat or a shopkeeper in Chandni Chowk. It draws an engaging connection between the throne and the world of business. The court was definitely above the daily realm of buying and selling, but it wasn’t beyond the ledgers and account books. The book not only reveals the empire’s influence, but exposes the reader to the fertile countryside. The period was rich in opportunities and crises alike. All this was possible because the Mughals welcomed the firangis, who dealt with a wide range of economic actors.

In all, Badshah Bandar Bazaar is an absorbing study on the kinds of people and pleasures to be found within Mughal bazaars of yore.

The reviewer is an independent writer, researcher and academic

Title: Badshah Bandar Bazaar

Author: Jagjeet Lally

Publisher: Penguin Business

Price: ₹399

Published on February 22, 2026