India then had a population of 150 million — about a fifth of the world’s total — and was producing about a quarter of global manufacturing; indeed, in many ways it was the world’s industrial powerhouse and the world’s leader in manufactured textiles. Not for nothing are so many English words connected with weaving — chintz, calico, shawl, pyjamas, khaki, dungarees, cummerbund, taffetas — of Indian origin.
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In comparison, England then had just 5 per cent of India’s population and was producing just under 3 per cent of the world’s manufactured goods.
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A good proportion of the profits on this found its way to the Mughal exchequer in Agra, making the Mughal Emperor, with an income of around £100 million, by far the richest monarch in the world.
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For their grubby contemporaries in the West, stumbling around in their codpieces, the silk-clad Mughals, dripping in jewels, were the living embodiment of wealth and power — a meaning that has remained impregnated in the word ‘mogul’ ever since.