The Great Depression had a major impact on the Indian economy. Between 1928 and 1934, it reduced ____ exports by nearly half. Wheat prices fell by 50 per cent during this time.

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Detailed Solution

The Great Depression had a major impact on the Indian economy. Between 1928 and 1934, it reduced India’s exports by nearly half. Wheat prices fell by 50 per cent during this time. Prices fell in India as well as on a global scale. In India, wheat prices dropped by 50% between 1928 and 1934. Farmers and peasants experienced more suffering than city dwellers. Despite the significant decline in crop prices, the colonial government insisted on maintaining its tax obligations. The hardest hit were the peasants who produced goods for the global market. For urban India, the downturn turned out to be less dire. Prices were dropping, making everything more affordable for those on fixed incomes, like middle-class salaried workers and urban landowners who collected rent.

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