- The indebtedness of Indian peasants increased. They used up their savings, mortgaged lands and sold whatever jewellery and precious metals they had, to meet their expenses.
- In these depression years India became an exporter of precious metals, notably gold.
- Indian global economic recovery certainly helped speed up Britain’s recovery but did little for the Indian peasants.
- Rural India was thus seething with unrest when Mahatma Gandhi launched the Civil Disobedience Movement at the height of the depression in 1931.