In what ways were jute producers of Bengal affected by the economic crisis?
CBSE Class 10
CBSE Class 10 Social
2018-03-06 14:06:05 UTC
Jute producers grew raw jute that was processed in factories for export in the form of gunny bags.
But as gunny bag export collapsed, the prices of raw jute crashed by more than 60 per cent.
Peasants who borrowed in the hope of better times or to increase output in the hope of higher incomes, faced ever lower prices and fell deep into debts. Thus the Bengal Jute growers used to lament.