Choose the statement as true/false:

India's exports and imports nearly halved between 1922 and 1924.

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answer is B.

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Detailed Solution

The above statement is false.
The Great Depression had an immediate impact on Indian trade. India's exports and imports were nearly cut in half between 1928 and 1934. Prices plummeted both in India and around the world. Wheat prices in India fell by almost half between 1928 and 1934. Farmers and peasants suffered more than city inhabitants. Despite a significant drop in grain prices, the colonial authorities insisted on collecting taxes. The peasants who produced items for the worldwide market were the most brutal hit. The descent proved to be less severe in urban India. Prices were falling, making everything more affordable for individuals on fixed incomes, such as middle-class salaried workers and rent-collecting urban landowners. Industrial investment increased as the government expanded tariff protection to industries.
Hence the correct statement would be India's exports and imports nearly halved between 1928 and 1934.

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