Ancient Indian Economy And Society

Step 1: Understanding the Concept:
The question asks for the meaning of the ancient Sanskrit term 'Vanik'.
Step 2: Detailed Explanation:
The term Vanik (or Vaṇij) is a Sanskrit word that has been used since ancient times to refer to a trader or a merchant. This term is closely associated with the Vaishya varna, whose traditional occupation was trade, commerce, and agriculture. The modern term 'Baniya' is a derivative of 'Vanik'.

The term for guilds of merchants was often 'shreni' or 'nigama'.
The term for peasants was 'karshaka' or 'krishaka'.
The term for kings was 'raja' or 'nripa'.
Step 3: Final Answer:
The term 'Vanik' refers to merchants.