[[1]] was the economist who thought that India's gold exports during the Great Depression of 1929 promoted global economic recovery.

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John Maynard Keynes was the economist who thought that India's gold exports during the Great Depression of 1929 promoted global economic recovery.

The depression had a direct impact on Indian trade. India's exports and imports almost halved between 1928 and 1934. As foreign prices dropped, so did prices in India. Wheat prices in India declined nearly 50% between 1928 and 1934. Farmers and peasants suffered more than urban residents. Despite a huge drop in crop prices, the colonial authorities refused lower-income demands. The peasants who produced for the international market were the most impacted.

Peasant indebtedness grew across India. To fulfil their expenses, they spent their savings, mortgaged land, and sold any jewellery and precious metals they had.

During the Great Depression, India became a significant supplier of precious metals, particularly gold. Indian gold exports, according to renowned economist John Maynard Keynes, assisted world economic recovery.

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