Q. 214.6( 8 Votes )
Write a note on the effects of the great depression on the Indian economy.
In the nineteenth century, colonial India had become an exporter of agricultural goods and importer of manufactures. The impact of the Great Depression in India was felt especially in the agricultural sector. It was evident that the Indian economy was closely becoming integrated into the global economy. India was a British colony and exported agricultural goods and imported manufactured goods. The fall in agricultural price led to a reduction of farmers’ income and agricultural export. It led to great rural unrest in India. The great depressions immediately affected Indian trade in such as:
1. India’s exports and imports nearly halved between 1928 and 1934.
2. As international prices crashed, prices in India also plunged. Between 1928 and 1934, wheat prices in India fell by 50 per cent.
3. Peasants and farmers suffered more than urban dwellers. Though agricultural prices fell sharply, the colonial government refused to reduce revenue demands.
4. Peasants producing for the world market were the worst hit. Across India, peasants indebtedness increased. However the depression proved less grim for urban India.
Rate this question :
What was the aim of post- war international economic system?Together With Social Science
Which country has an effective right of veto over IMF and World Bank?Together With Social Science
What does globalisation mean? What factors contributed to its rise?Full Marks - Social Science
What is ‘EI Dorado’ in South America famous for?All In One - History
What is rinderpest? Who brought it to Africa? How did rinderpest help the Europeans to conquer Africa?All In One - History
Explain what you mean when you say that the world ‘shrank’ in the 1500s.Full Marks - Social Science
What led to the migration of Indian indentured labourer to other countries?Full Marks - Social Science
What was the role of technology during the nineteenth century?Full Marks - Social Science