Which of the following statement (s) is correct in respect of traditional business communities in India?

The ‘traditional business communities’ in India include only ‘Vaisyas’. Merchant communities always had a high status in society Both 1 and 2 None of the above

None of the above

The ‘traditional business communities’ in India include not only ‘Vaisyas’, but also other groups with distinctive religious or other community identities, such as the Parsis, Sindhis, Bohras, or Jains. Merchant communities did not always have a high status in society; for instance, during the colonial period the long distance trade in salt was controlled by a marginalised ‘tribal’ group, Banjaras. In each case, the particular nature of community institutions and ethos gives rise to a different organisation and practice of business.