Question

Describe the impact of great depression on indian economy

Answer 1

Indiawas an exporter of wheat to European countries. When the international prices of wheat crashed because of the Great Depression, prices of wheat in India fell almost by 50%. Peasants and farmers were the worst sufferers.

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Answer 2

Answer:

1. rural areas were hard hit and agricultural prices halved
2. poor peasants and farmers were forced to sell jewelry, household items, mortage land to pay off their debts and they struggled to make a living. the country side was in turmoil and nationalist sentiments were high when Gandhiji launched Civil Disobedience Movement
3. Urban dwellers and people with fixed incomes such as landlords and government employees found themselves better off as everything cost less. The British government raised tariffs to protect the industrialists