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Q.

Is it true that the price of Indian raw jute crashed more than 60 per cent during the Great Depression?


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Detailed Solution

The above statement is true.
The price of Indian raw jute crashed by more than 60 per cent during the Great Depression. Bengali jute growers produced unprocessed jute that was later transformed into gunny bags for export. However, as gunny exports declined, the price of raw jute dropped by more than 60%. With ever-lower prices, peasants who borrowed in the hopes of better times or increased output in the hopes of higher wages saw their debt grow ever larger. Hence, the statement is true.
 
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Is it true that the price of Indian raw jute crashed more than 60 per cent during the Great Depression?