Question

What economic impact did the First World War have on India?Answer in 5 points .

Answer 1

The economic situation in the post war years had taken for the worse. There was first rise in price and then a depression in economic activity. Indian industries which was prospered during the war because foreign imports of manufactured goods had ceased now faced losses and closure. Moreover, foreign capital now began to be invested in India on a large scale. The Indian industries wanted protection of their industries through imposition of high customs duties and grant of government aid, they realised that a strong nationalist movement and independent Indian government alone could secure these.. The urban, educated Indians faced increasing unemployment. Peasantry groaning under deepening poverty and high taxation. All sections of Indian society were suffering economic hardships, high prices and epidemics.
The first world War also gave tremendous growth to nationalism not only in India but also all over Asia and Africa.






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Answer 2

Answer:

The First World War altered the economic and political situation in India. It led to a huge rise in the defence expenditure of the Government of India. The government, in turn, increased taxes on individual incomes and business profits. Increased military expenditure and the demands for war supplies led to a sharp rise in prices, which created great difficulties for the common people. On the other hand, business groups reaped fabulous profits from the war. The first world war caused a decline in imports from other countries into India.