Question

Explain the effect of the great depression of 1929 on the indian economy

Answer 1

the Great Depression badly affected our country's trade and economy. the exports and imports nearly halved between 1928 to 1934. the British government adopted a protective trade policy, which was beneficial to the United kingdom that caused great damage to the india economy due to the great depression.

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Answer 2

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1. The impact of Indian Great Depression was felt particularly in the agricultural sector.

2. Across India, too, rates plummeted as world markets fell.

3. The decline in agricultural prices resulted in a decrease in income from the framers and agricultural exports. Indian wheat prices fell by 50 per cent.

4. Farmers and peasants suffered more than in urban households.

5. The colonial government has declined to cut demands for revenue.

6. The government has not lowered their taxes and so many farmers and landlords have become more indebted to moneylenders and corrupt officials.

7. They used up their money and sold precious metals and jewellery. The great depression particularly benefited the fixed income earners in the urban population.