Final answer:
The development of the Indian silver market can be traced through various periods, including the ancient period, the medieval period, and the modern period. Silver was used as a form of currency in ancient India, and its role in trade and commerce grew during the medieval period. In the modern period, globalization and industrialization have brought significant changes to the Indian silver market.
Step-by-step explanation:
Development of the Indian Silver Market
The Indian silver market has a long and fascinating history that dates back centuries. Silver has been used as a form of currency, a medium of exchange, and a symbol of wealth and power in India. The development of the Indian silver market can be traced through various periods, including the ancient period, the medieval period, and the modern period.
Ancient Period:
In ancient India, silver was primarily used as a form of currency. It played a significant role in trade and commerce, and silver coins were widely circulated. The use of silver as currency contributed to the growth of the Indian economy and facilitated economic transactions.
Medieval Period:
During the medieval period, the Indian silver market saw further development and expansion. The establishment of empires and powerful kingdoms led to increased silver production and trade. Silver coins minted by rulers became more prevalent, and the use of silver as a medium of exchange continued.
Modern Period:
In the modern period, the Indian silver market has undergone significant changes due to globalization and industrialization. While silver is no longer used as a primary form of currency, it remains an important asset and investment commodity. The rise of jewelry and silverware industries has also contributed to the market's development.
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