Explain the impact of the Great Depression on India

Making of Global World (10)

Explain the impact of the Great Depression on India during the early twentieth century

Answer

Impact of Great Depression on India:

  1. American banks slashed badly.
  2. Domestic lending called back their loans.
  3. Farmers could not sell their harvest.
  4. Households were ruined.
  5. Businesses collapsed.
  6. Many households in America could not repay their loan and repaid it through their homes, cars, etc.
  7. Unemployment increased.
  8. US banking system collapsed.
  • Exam Year: 2020 Compartment