The works of Amartya Sen, an Indian economist, are interesting in the sense that they reflect a broad area of interest across time and space. In his works on economic development, Amartya Sen frequently refers to the Indian rulers such as Emperor Ashoka and Akbar Shah. According to him, these rulers contributed greatly to the formation of modern India by pursuing a policy of religious toleration towards all creeds in their vast realms. He argues that modern theoreticians and practitioners of economic development may learn a lot from the policies pursued by these rulers. In this article, Amartya Sen’s views about the Ghaznavids and the Mughals will be examined in the light of primary sources written during these periods.