What were the Economic Changes made in the Later-Vedic Period?

We have evidence of major changes during the later Vedic phase. Importance of agriculture grew during this phase. Towards the end of this period iron ploughshares (found from Jakhera) were used, although ploughshares made of the udumbara and khadira trees were common. Fire was used for clearing the forest (as evident from the Videgha Mathara legend in the Satapatha Brahmana).

In the later-Vedic phase metal tools were used (iron axe found at none, 1100-900 BC) for the purpose. Variety of crops was now available. Reference to iron is explicit in the later-Vedic period. We have references to Krisnayas or Shyamayas. Smelters were known as dhmatri, bellows were known as bhastra (found from Suneri in Rajasthan).

Craft specialisation was also greater in the later-Vedic period. Bali in certain cases seems to have become forced although not regular as yet. Niska, Satamana and Krisnala were used as medium of exchange.