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India’s exports and imports nearly halved between 1928 and 1934 due to the ____.

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Detailed Solution

India's exports and imports nearly halved between 1928 and 1934 due to the Great Depression. During the late 19th century, India became an exporter of agricultural goods and an importer of manufactured goods. The Great Depression mainly affected agricultural trade. As agricultural production increased, prices crashed on the international market. The peasants and merchants of India involved in agricultural trade were worst affected. The British government didn't reduce the revenue of the peasants. This resulted in a huge economic loss for the peasants and a reduction in their purchasing power.

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