Question

What was the effect of world economic crisis on rural india?

Answer 1

Answer:

The second transmission of the global downturn to the Indian economy has been through the steep decline in demand for India's exports in its major markets. The first sector to be hit was the gems and jewellery which felt the impact in November itself and where more than 300,000 workers have lost their jobs

Answer 2

Answer:

The indebtedness of Indian peasants increased. They used up their savings, mortgaged lands and sold whatever jewellery and precious metals they had, to meet their expenses. . In these depression years India became an exporter of precious metals, notably gold............................