Krsna Deva Raya’s economic policy

The article examines the economic policy of the Vijayanagara emperor Krsna Deva Raya, arguing that he was a great economist who blended ancient Hindu economic principles with practical governance to ensure the welfare of his people and the soundness of his treasury. The main sources discussed are the contemporary evidence of Raysvacams and the autobiographical Amuktamalyada, particularly the 4th canto where Yamunaprabhu instructs his son on state policy. The author, Y. Venkataramana, corroborates these texts with numerous inscriptions from Bellary, Salem, and Cuddapah, as well as the accounts of foreign travelers like Paes and Nuniz. Krsna Deva Raya’s policy was rooted in ancient texts such as Sasijaya-niti, Vidura-niti, Canakya-niti, and Sukra-niti, alongside the administrative practices of preceding Muhammadan rulers. He established a structured public finance system where his income was divided into four parts: one for personal expenditure and charity, two for defense, and the final quarter for the treasury surplus. He maintained a sound treasury, which he supplemented annually by depositing millions of pardaus, a gold coin unique to Vijayanagara. His revenue strategy relied heavily on land revenue, tributes, and taxes on natural resources, mines, and waste lands. He imposed various taxes, including land taxes (Ari and Kors), excise, customs, market tolls, and specific levies on looms and boats. However, a defining feature of his administration was the remission of burdensome taxes, such as Jodi, Arasuperu, and the marriage tax, as well as tax remissions on temple lands amounting to 10,000 varahas. He prioritized irrigation by constructing anicuts at Vallabhapuram and across the Tungabhadra, and he protected cultivators during distress, avoiding exploitation. Expenditure was heavily directed toward defense, with massive daily costs for cavalry, elephants, and infantry. He also funded public works, irrigation, and the royal court's splendor. The article concludes that his policy successfully balanced income and expenditure, fostering extensive foreign trade, a prosperous populace, and a flourishing economy characterized by guilds, diverse coinage, and regulated sales.

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