Question

Q 31. What econamic impact did the first world war have an India​

Answer 1

Answer:

ᴛʜᴇ ғɪʀsᴛ ᴡᴏʀʟᴅ ᴡᴀʀ ʜᴀᴅ ᴛʜᴇ ғᴏʟʟᴏᴡɪɴɢ ᴇᴄᴏɴᴏᴍɪᴄ ɪᴍᴘᴀᴄᴛ ᴏɴ ɪɴᴅɪᴀ: 

(ɪ) ɪɴ ᴏʀᴅᴇʀ ᴛᴏ ᴍᴇᴇᴛ ᴀ ʜᴜɢᴇ ʀɪsᴇ ɪɴ ᴅᴇғᴇɴsᴇ ᴇxᴘᴇɴᴅɪᴛᴜʀᴇ, ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ɪɴᴄʀᴇᴀsᴇᴅ ᴛᴀxᴇs ᴏɴ ɪɴᴅɪᴠɪᴅᴜᴀʟ ɪɴᴄᴏᴍᴇs ᴀɴᴅ ʙᴜsɪɴᴇss ᴘʀᴏғɪᴛs. 

(ɪɪ) ɪɴᴄʀᴇᴀsᴇᴅ ᴍɪʟɪᴛᴀʀʏ ᴇxᴘᴇɴᴅɪᴛᴜʀᴇ ᴀɴᴅ ᴛʜᴇ ᴅᴇᴍᴀɴᴅs ғᴏʀ ᴡᴀʀ sᴜᴘᴘʟɪᴇs ʟᴇᴅ ᴛᴏ ᴀ sʜᴀʀᴘ ʀɪsᴇ ɪɴ ᴘʀɪᴄᴇs ᴡʜɪᴄʜ ᴄʀᴇᴀᴛᴇᴅ ɢʀᴇᴀᴛ ᴅɪғғɪᴄᴜʟᴛɪᴇs ғᴏʀ ᴛʜᴇ ᴄᴏᴍᴍᴏɴ ᴘᴇᴏᴘʟᴇ. 

(ɪɪɪ) ᴛʜᴇ ᴡᴀʀ ᴄʀᴇᴀᴛᴇᴅ ᴀ ᴅᴇᴍᴀɴᴅ ғᴏʀ ɪɴᴅᴜsᴛʀɪᴀʟ ɢᴏᴏᴅs ʟɪᴋᴇ ᴊᴜᴛᴇ ʙᴀɢs, ᴄʟᴏᴛʜ, ʀᴀɪʟ, ᴇᴛᴄ. ᴀɴᴅ ᴄᴀᴜsᴇᴅ ᴀ ᴅᴇᴄʟɪɴᴇ ɪɴ ɪᴍᴘᴏʀᴛs ғʀᴏᴍ ᴏᴛʜᴇʀ ᴄᴏᴜɴᴛʀɪᴇs ɪɴᴛᴏ ɪɴᴅɪᴀ. 

(ɪᴠ) ɪɴᴅɪᴀɴ ɪɴᴅᴜsᴛʀɪᴇs ᴇxᴘᴀɴᴅᴇᴅ ᴅᴜʀɪɴɢ ᴛʜᴇ ᴡᴀʀ ᴀɴᴅ ɪɴᴅɪᴀɴ ʙᴜsɪɴᴇss ɢʀᴏᴜᴘs ʙᴇɢᴀɴ ᴛᴏ ᴅᴇᴍᴀɴᴅ ɢʀᴇᴀᴛᴇʀ ᴏᴘᴘᴏʀᴛᴜɴɪᴛɪᴇs ғᴏʀ ᴅᴇᴠᴇʟᴏᴘᴍᴇɴᴛ. 

(ᴠ) ʙᴜsɪɴᴇss ɢʀᴏᴜᴘs ʀᴇᴀᴘᴇᴅ ғᴀʙᴜʟᴏᴜs ᴘʀᴏғɪᴛs ғʀᴏᴍ ᴛʜᴇ ᴡᴀʀ.

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Answer 2

Answer:

The First World War had the following economic impact on India:

(i) In order to meet a huge rise in defense expenditure, the government increased taxes on individual incomes and business profits.

(ii) Increased military expenditure and the demands for war supplies led to a sharp rise in prices which created great difficulties for the common people.

(iii) The war created a demand for industrial goods like jute bags, cloth, rail, etc. and caused a decline in imports from other countries into India.

(iv) Indian industries expanded during the war and Indian business groups began to demand greater opportunities for development.

(v) Business groups reaped fabulous profits from the war.

Explanation:

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