how had the first world war created a new economic situation in India ? explain with examples .
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The First World War created a new economic situation in India which are as: (i) It led to a huge increase in defence expenditure which was financed by war loans and increasing taxes. (ii) Customs duties were raised. (iii) Income tax introduced.
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A new economic situation in India after the first world war:
i) India's exports and imports declined to half and prices of primary products like wheat and jute went down (wheat 60% and jute more than 60%) between the years 1928-1934.
ii) But however India became an exporter of precious metals, especially gold.
Economist John Maynard Keynes said that Indian gold exports promoted global economic recovery.
iii) Peasants were worstly hit with decline of food prices, but at the same time urban dwellers found themselves in better condition as they get a fixed wage and fall of prices made them so.
:) Hope this helps!!!
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i) India's exports and imports declined to half and prices of primary products like wheat and jute went down (wheat 60% and jute more than 60%) between the years 1928-1934.
ii) But however India became an exporter of precious metals, especially gold.
Economist John Maynard Keynes said that Indian gold exports promoted global economic recovery.
iii) Peasants were worstly hit with decline of food prices, but at the same time urban dwellers found themselves in better condition as they get a fixed wage and fall of prices made them so.
:) Hope this helps!!!
ALL THE BEST FOR UR EXAMS FRIEND!!!
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