Question

Write a short note on the great depression on the indian economy

Answer 1

Answer:

India was an exporter of wheat to European countries. When the international prices of wheat crashed because of the Great Depression, prices of wheat in India fell almost by 50%. Peasants and farmers were the worst sufferers. While the prices of the crops declined, the government refused to reduce the revenues.

The railways and the agricultural sector were the most affected. The international financial crisis combined with detrimental policies adopted by the Government of India resulted in soaring prices of commodities.

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