Early Economy
On founding the city in 1411, Ahmed Shah invited merchants and traders to the new city, which became a prosperous commercial, trading and industrial city, with textiles as its most important products. Wealthy Hindu and Jain merchants made up the commercial class dominating the community, eventually as the oldest and most established families, while Muslims were the skilled weavers working for them and (until Maratha rule) the government officials ultimately ruling them. For centuries, the city existed without depending on feudal lords or patronage from a single court. An efficient system of lending, banking, credit and accounting developed, and Ahmedabad financiers developed a sophisticated banking network across the country. They were influential in the Mughal Court and loaned money to the ruling classes through the 16th and 17th centuries.
Social institutions to safeguard various economic interests included the mahajans, guilds of merchants, and panches, guilds for artisans. The leader of the community, who came from the Jain business elites, was known as the nagarsheth, who would resolve disputes between mahajans and individuals and who interceded with royal officials. Under the nagarsheth, the city remained free from interference from the state or other powers.
Read more about this topic: History Of Ahmedabad
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