Write a note on ‘India and the Great Depression’.

During the time of the Great Depression, the Indian economy suffered a huge loss under the colonial government.

• Agricultural prices fell sharply and taxes were high. This proved to be very harsh on Indian farmers and landowners as they were unable to pay taxes.

• Indian trade saw a huge decline with the downfall of the global economy.

• Jute industries collapsed and there was a decline of about 60%. Bengal suffered a huge loss and was in debt traps.

• Peasants had to sell their belongings to meet their needs and pay taxes.

•The British government adopted a protective trade policy to safeguard their economy at the cost of the Indian economy.