Question

Describe the impact of Great Depression on Indian economy
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Answer 1

(i) Impact on trade : The depression immediately affected Indian trade. India’s exports and imports nearly halved between 1928 and 1934. As international prices crashed, prices in India plunged. Between 1928 and 1934 wheat prices in India fell by about 50 per cent.
(if) Impact on farmers : The fall in prices had a deep impact on the poor farmers. Though agricultural prices fell sharply, but the colonial government refused to give any relief to the farmers in taxes. Peasants producing tor the world market were the worst hit.
(iii) Impact on Urban India : The depression proved less grim for urban India. Because of falling prices those with fixed income- say town-dwelling landowners, who received rents and middle-class salaried employees now found themselves better off. Every thing low cost.
(iv) High Industrial investment : Industrial investment also grew as the government extended tariff protection to industries, under the pressure of nationalist opinion.
(v) Political Impact : The Great Depression paved way for Gandhiji to launch the Civil Disobedience movement.

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Answer 2

Answer:

The economy depression immediately affected Indian Trade, as India’s exports and imports nearly halved between 1928-1934

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