Question

Describe any two ill effect of the First World War on the economy of India​

Answer 1

Answer:

(i) The First World War led to a huge rise in the defence expenditure of the Government of India. The government in turn increased taxes on individual incomes and business profits. (ii) Increased military expenditure and the demands for war supplies led to the sharp rise in prices which badly affected the common mass

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Answer 2

Answer:

WW1 caused the downfall of four monarchies: Germany, Turkey, Austria-Hungary and Russia. The war made people more open to other ideologies, such as the Bolsheviks that came to power in Russia and fascism that triumphed in Italy and even later in Germany.There were four major consequences of Second World War on India and they included high inflation which was on account of war expenditure, the value of Indian currency took a nose dive, economic imbalances due to currencies exchange problems and the development of exchange control

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