Q. Consider the following statements with reference to guilds in ancient India:

1. Guilds were powerful institutions that provided economic and judicial powers to craftsmen.
2. The chief of a guild was referred to as Jesthaka and played a role in dispute resolution among members.

Which of the above statements is / are correct?
Answer: Both 1 and 2
Notes: In ancient India, guilds played a crucial role in trade and craft sectors by providing economic, political, and judicial powers to their members, making statement 1 correct. The second statement is also correct as the Jesthaka, or the chief of a guild, was responsible for resolving disputes among guild members and maintaining cooperation within the guild structure.