"The above remarks about conservatism could be made with equal or even greater force about the Mogul Empire. Despite the sheer size of the kingdom at its height and the military genius of some of its emperors, despite the brilliance of its courts and the craftsmanship of its luxury products, despite even a sophisticated banking and credit network, the system was weak at its core. A conquering Muslim elite lay on top of a vast mass of poverty-stricken peasants chiefly adhering to Hinduism. In the towns themselves there were very considerable numbers of merchants, bustling markets, and an attitude towards manufacture, trade, and credit among Hindu business families which would make them excellent examples of Weber's Protestant ethic. As against this picture of an entrepreneurial society just ready for economic "takeoff" before it was a victim of British imperialism, there are the gloomier portrayals of the many indigenous retarding factors in Indian life. The sheer rigidity of Hindu religious taboos militated against modernization: rodents and insects could not be killed, so vast amounts of foodstuffs were lost; social mores about handling refuse and excreta led to permanently insanitary conditions, a breeding ground for bubonic plagues; the caste system throttled initiative, instilled ritual, and restricted the market; and the influence wielded over Indian local rulers by the Brahman priests meant that this obscurantism was effective at the highest level. Here were the social checks of the deepest sort to any attempts at radical change. Small wonder that later many Britons, having first plundered and then tried to govern India in accordance with Utilitarian principles, finally left with the feeling that the country was still a mystery to them."
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Paul Kennedy, The Rise and Fall of the Great Powers (1987), pp. 12-13
https://en.wikiquote.org/wiki/Economy_of_the_Mughal_Empire
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Economy of the Mughal Empire
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