The Legacy of Muslim Rule in India c10.15

c10.15

In the process the Hindu middle classes helped in capital formation, even though on a limited scale, which the upper classes failed to do. An important contribution of the middle class, especially the Hindu middle class, was capital formation in medieval India. Apart from the accidents of war to which Muslims and Hindus were alike exposed, as witnessed during invasions of the Mongols in the Sultanate period or of Nadir Shah and Abdali in the Mughal times, it seems that the assets of the Hindu capitalist were safer than the wealth of the most powerful Muslim nobleman. The assets of Hindu elites could not be lost as a result of a court intrigue or fall from favour. On the contrary Muslim nobles, even Muslim kings, used to borrow large amounts from Hindu *Sahukars* who were known to possess wealth. The wealth of the Hindu could pass on from father to son without being divided up. It could not be taken away by the government under escheat. The Muslim officers and merchants believed in good and ostentatious living. The moment they came by some extra money, they raised, their standard of living and set up larger establishments in proportion to their wealth. The Hindu was by nature thrifty. Fear of sponging by the government, kept the possessions of the Hindu capitalist concealed. It was this that made Hindu merchants *sahukars*, *sarrafs* and bankers during Muslim rule.