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Class 10 > What was the effect the Great Depression on the Indian...
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What was the effect the Great Depression on the Indian economy?

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The Great Depression occurred in the USA in 1929 due to stock market crash there. This affected the whole world. Everywhere there was economic deflation as there was huge stocks of unsold manufactured goods which were no longer required as the World War had ended. In India the goods required for war...
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The Great Depression occurred in the USA in 1929 due to stock market crash there. This affected the whole world. Everywhere there was economic deflation as there was huge stocks of unsold manufactured goods which were no longer required as the World War had ended. In India the goods required for war which were made taking advantage of the cheap labor here piled up. The British had forced Indian farmers to shift to cash crops like cotton which were supplied to the mills in the UK. As a result there was less farming of rice, wheat etc and there was a crisis due to their non-availability of food grains. As their prices rose, the farmers had to sell their gold to the British at very cheap rates. This gold went to England and the British made a huge profit by selling this gold in the world market. The Indian economy was ruined by the British in this way. read less
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illiteracy in villages. yes because India's main income depends on agriculture and agriculture related works (animal husbandry, forest, fisheries and mines). people doing these works are present more in villages, but they doesn't have correct idea about economy (like market price, subsidies etc..), so...
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illiteracy in villages. yes because India's main income depends on agriculture and agriculture related works (animal husbandry, forest, fisheries and mines). people doing these works are present more in villages, but they doesn't have correct idea about economy (like market price, subsidies etc..), so they depend on mediators to sell their product. these mediators cheat the farmer and get profits. If our government bring programs like benefits of farmers through TV adds, radios in local languages to get them knowledge. It leads poor will become rich. read less
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The Great Depression occurred in the USA in 1929 due to stock market crash there. This affected the whole world. Everywhere there was economic deflation as there was huge stocks of unsold manufactured goods which were no longer required as the World War had ended. In India the goods required for war...
read more
The Great Depression occurred in the USA in 1929 due to stock market crash there. This affected the whole world. Everywhere there was economic deflation as there was huge stocks of unsold manufactured goods which were no longer required as the World War had ended. In India the goods required for war which were made taking advantage of the cheap labor here piled up. The British had forced Indian farmers to shift to cash crops like cotton which were supplied to the mills in the UK. As a result there was less farming of rice, wheat etc and there was a crisis due to their non-availability of food grains. As their prices rose, the farmers had to sell their gold to the British at very cheap rates. This gold went to England and the British made a huge profit by selling this gold in the world market. The Indian economy was ruined by the British in this way. read less
Comments
Dislike Bookmark

Maths Tutor

The Great Depression of 1929 had a very severe impact on India, which was then under the rule of the British Raj. The Government of British India adopted a protective trade policy which, though beneficial to the United Kingdom, caused great damage to the Indian economy.
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