Choose the given statement that is true/false:

The Great Depression had a major effect on the Indian economy.

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Detailed Solution

The above statement is true.
The Great Depression had an immediate impact on India's trade. India's imports and exports were almost halved between 1928 and 1934. As international prices fell, so did India. India saw a 50% decline in wheat prices between 1928 and 1934. Peasants and peasants suffered more than the inhabitants of the city. Agricultural prices fell sharply, but the colonial government refused to reduce revenue demand. Farmers producing for the global market were hit hardest. Depression has proven to be less severe in urban areas of India. With the fall in prices, people with bonds, such as landowners in cities that received rent and white-collar workers in the middle class, are now in better shape, as everything is cheaper. Industrial investment has also increased as the government extended industry tariff protection.

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