Why could Britain not recapture their hold on the Indian market after the First World War?
- THE Worldwide economic crisis of 1929-1932 is generally known as Great Depression. It had a far reaching affect on Indian economy.
- The Great Depression adversely affected Indian trade. India’s export and import was nearly halved between 1929 and 1934.
- The jute producers of Bengal were hardly hit by depression. The prices of raw jute fell by 60% and as a result the jute grower fell under debt deeper and deeper.
- Farmers and peasants suffered the most as compared to city dwellers. Though the prices fell, the British Government refused to reduce their revenue demands.
- Starting as Civil Disobedience Movement by Mahatma Gandhi in 1930 was the direct result of this great depression because then rural India was seething with unrest.