Krsna Deva Raya’s economic policy
By Y. Venkataramana
Summary
This comprehensive article reconstructs the economic policy of Krishnadeva Raya, the most celebrated ruler of Vijayanagara (r. 1509–1529). The author draws on Telugu court poem Rayasvacakamu, Krishnadeva Raya’s own work Amuktamalyada, inscriptions and Portuguese accounts to outline his fiscal and administrative measures. Krishnadeva Raya inherited a prosperous kingdom with abundant revenues, thanks to the conquests and hoarding of his predecessors, particularly his father Narasimha Raya. He is portrayed as an enlightened ruler who blended Hindu and Islamic political theories, having studied Dharmashastra and Persian treatises. Early in his reign he abolished burdensome taxes such as jodi (payments on freeholds), arasuperu (field tax), paragada (areca tax) and customs on agricultural implements, thereby relieving cultivators. He remitted arrears owed by famine-stricken districts and regulated grain prices. Krishnadeva Raya undertook extensive irrigation works, building channels and anicuts across the Tungabhadra and Krishna rivers; he famously visited fields incognito to understand farmers’ hardships. The article emphasises his principle of dividing the state’s revenue into four parts: one quarter for the king’s personal expenses and charity, two quarters for military expenditure, and one quarter to be saved as reserve. He generously patronised temples and distributed gifts but insisted that annual expenditure not exceed income; thus he maintained a balanced budget. The paper also recounts Krishnadeva Raya’s trade policies: he encouraged foreign merchants, improved harbours at Bhatkal and Mangalore, regulated coinage, and maintained a large cavalry and artillery by importing horses and firearms. The article argues that Krishnadeva Raya’s policies resulted in widespread prosperity, reflected in the glowing accounts of Portuguese travellers like Duarte Barbosa. It concludes that his economic acumen was instrumental in sustaining Vijayanagara’s power during its golden age, though subsequent rulers failed to adhere to his principles, contributing to the empire’s decline.
Conclusion
Drawing on vernacular poems, royal edicts and European travellers’ observations, the article portrays Krishnadeva Raya as a shrewd statesman who pursued tax remission, irrigation projects, balanced budgets and military preparedness. By dividing revenues into four parts and insisting on thrift and charity, he fostered prosperity and stability. The study suggests that his success depended on both inherited wealth and wise management, and that later rulers’ departure from these policies contributed to Vijayanagara’s eventual collapse.