Gupta era is called the ‘Golden Age’ of ancient India. This era is considered to be the best on account of political unity, valient emperors, economic prosperity, religious tolerance, inclusion of foreigners in the Hindu faith, resurrection of Hindu religion, progress of sanskrit literature, advancement of all arts and propagation of Indian culture. 

The details of economic life during the Gupta period are as follows:

1. Agriculture – In this period, agriculture was in advanced stage. Methods of enhancing soil fertility and quality of seeds were used. Facilities for irrigation were provided to the farmers. Various crops like wheat, paddy, millet, sugarcane, peas, pulses, seasame, mustard, castor, ginger, black pepper etc. were produced.

2. Animal Husbandry – Animal husbandry (livestock rearing) was another major source of livelihood. The profession of Vaishyas was rearing of cows. Domestic animals included (apart from the cows) horses, buffaloes, camel, goats, sheep, donkeys, dogs, cats etc. Bullocks were used to pull the ploughs and as load-bearing animals.

3. Industry and Crafts Industry and crafts were in developed condition. In this period, metal craft, textile production, ornament art, wood craft, stone craft, ivory work etc. saw special progress. Metal craft developed remarkably during Gupta period.

A grand example of the advancement that occured in metallurgy during this period is the Pillar of Mehrauli, which even after so many centuries stands intact without getting rusted. Textile manufacturing was also a major industry in Gupta period. In this period, very fine cloth was made.

Indian textile was in great demand in foreign markets. The art of ornament making was quite advanced. Various kinds of gemstones were also used apart from gold and silver to make ornaments.

4. Shreni Organisation – Craftsmen, entrepreneuers and traders were organised and they had their separate councils. These councils were called ‘Shrenis’, ‘Nigam’ or ‘Gana’. These Shrenis played an important role in the fields of industry and production.

These worked like modern banks. They gave loans on interest and accepted deposits on interests. A larger institution than Shreni called ‘Nigam’ existed in Gupta era.

5. Trade and IndustryIn the Gupta era, trade and industry were at their top. Internal trade was conducted through roads and rivers. The long term political stability and peaceful conditions and the large number of gold coins issued by Gupta era rulers helped trade develop greatly.

Travel in Gupta period was safe and unobstructed. Ujjain, Bharuch, Pratisthan, Vidisha, Prayag, Patliputra, Vaishali, Tamralipti, Mathura, Kaushambi etc. were important commercial cities. Indian ports had permanent sea trade connections with many foreign countries.

These countries were China, Sri Lanka, Persia, Arabia, Ethiopia, Byzantine (Roman Empire) and islands of Indian ocean. Bhrigukachuch (Bharuch) was a famous port of the western coast.

6. Sources of Revenue-In Gupta period, land revenue was the main source of state income. The following taxes are mentioned in the literature of that period Bhag – 1/6th part of crop production that went to the king. Bhoga_Tax given to the king in the form of fruits and flowers. Uparikar and Udranga – These were forms of land taxes.