Choose the given statement that is true/false:

India was not affected by the great depression.

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True

False

answer is B.

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Detailed Solution

The above statement is False.
The Great depression, which occurred in 1929, affected most capitalist nations. India was a colony at that period and was equally affected by the depression. India was an exporter of agricultural goods. As the prices declined for food grains, the peasants were badly affected. The wheat prices in India fell by 50%. Another example of the worst affected was jute producers. The jute was a major commodity used to manufacture gunny bags. The prices of gunny bags were reduced to 60% as the international markets collapsed. Moreover, the colonial government didn’t give any concession on revenue. It led the peasants into indebtedness.
The correct statement is the Great Depression had a terrible impact on India.

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