Great Depression in India

rdf:langString Great Depression in India

rdf:langString The Great Depression in India was a period of economic depression in the Indian subcontinent, then under British colonial rule. Beginning in 1929 in the United States, the Great Depression soon began to spread to countries around the globe. A global financial crisis, combined with protectionist policies adopted by the colonial government resulted in a rapid increase in the price of commodities in British India. During the period 1929–1937, exports and imports in India fell drastically, crippling seaborne international trade in the region; the Indian railway and agricultural sectors were the most affected by the depression. Discontent from farmers resulted in riots and rebellions against colonial rule, while increasing Indian nationalism led to the Salt Satyagraha of 1930, in which Mahatma Gandhi undertook marches to the sea in order to protest against the British salt tax. The Great Depression, along with the resulting economic policies from the colonial government, worsened already deteriorating Indo-British relations. When the first general elections were held as stipulated in the Government of India Act 1935, anti-British feelings resulted in the pro-independence Indian National Congress winning in most provinces with a very high percentage of the vote share. The extent to which the Great Depression affected the Indian economy has been fiercely contested, with some historians arguing that the economic depression slowed long-term industrial development in India. Revisionist scholars have argued that depression had only a small impact in India's modern secondary sector, as in terms of output, there was no depression in India between 1929 and 1934. However, there were negative impacts on the jute industry, as world demand fell and prices plunged. Local markets in agriculture and small-scale industry showed modest gains.