How had the first world war created a new economic situation in india ?
Answers
Answer:
Explanation: TISCO was made in India as the britishers were busy in the wars and Indians took advantage of this and made TISCO which stands for
Tata Iron and Steel COmpany
Answer:
World War I created a new economic situation in India. It led to a huge increase in defence expenditure which was financed by war loans and increasing taxes : custom duties were raised and income tax introduced. Though the war years prices increased doubling between 1913 and 1918 - leading to extreme hardships for the common people. Villages were called upon to supply soldiers, and the the forced recruitment in rural areas caused widespread anger. Then in 1918-1919 and 1920-1921, crops failed in many parts of India resulting in acute shortages of food.
This was accompanied by an influenza epidemic. According to the census of 1921, 12 to 13 million people perished as a result of famines and the epidemic. During the First World War, the Indian merchants abd industrialists had mage huge profits and become powerful. Industries like of weapons, iron and steel, textiles, etc. flourished. This made to development of industrial sector during that time. This made to increase in income of the middle class people.