CBSE Class 10 Answered
describe the impact of great economic depression on indian economy
Asked by nishant.ku23p0 | 15 Feb, 2019, 01:13: PM
Expert Answer
Impact of Economic Depression on the Indian Economy
- Indian trade was hit hard by the Great Depression. India’s exports and imports were halved. The prices of food grains decreased, but the Government refused to decrease the taxes.
- Peasants who produced commodities for the world market such as cotton and jute suffered great losses. Rural indebtedness increased, and many farmers lost their lands.a
- The depression did not impact urban Indians much. Decrease in the prices of food grains benefited fixed salaried employees. Investments in industries also grew as the Government protected the industries by imposing tariffs under the mounting pressure of the nationalists in India.
Answered by Social Science Expert | 15 Feb, 2019, 02:04: PM
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