(i) The impact of the Great Depression in India was felt especially in the agricultural sector. 

(ii) As international prices crashed, prices in India also plunged. 

(iii) The fall in agricultural price led to reduction of farmers’ income and agricultural export. Wheat prices in India fell by 50 percent. 

(iv) Peasants and farmers suffered more than urban dwellers. 

(v) The colonial government refused to reduce revenue demands. 

(vi) The government did not decrease their tax and so, many farmers and landlords became more indebted to moneylenders and corrupt officials. 

(vii) They used up their savings and sold jewellery and precious metals. The Great Depression helped the urban people especially the fixed income earners.

Causes of the Great Depression on Indian Economy
The Great Depression of the 1930s had profound effects on the Indian economy, exacerbating existing issues and introducing new challenges.
1. Global Economic Downturn
- The worldwide economic decline led to a reduction in demand for Indian exports, particularly agricultural products like cotton, jute, and tea.
- This drop in demand resulted in falling prices, significantly impacting farmers and rural economies.
2. Decline in Agricultural Production
- Unfavorable weather conditions, including droughts in some regions, compounded the economic situation, leading to crop failures.
- The agricultural sector, which employed a majority of the population, faced severe financial distress.
3. Industrial Impact
- Industrial production slowed due to reduced domestic and international demand.
- Many industries, especially textiles, laid off workers, contributing to rising unemployment rates.
4. Trade Policies and Tariffs
- Protectionist policies adopted by various countries led to trade barriers, further isolating India from international markets.
- This restriction hindered India’s ability to export goods and acquire necessary imports.
5. Financial Sector Strain
- The economic crisis led to a banking crisis, with many banks failing, thereby eroding public trust in financial institutions.
- The inability of banks to lend further restricted economic growth and recovery.
6. Social Consequences
- The widespread unemployment and poverty increased social unrest and dissatisfaction among the populace.
- This unrest was a precursor to the rise of nationalist movements, as people sought economic and political change.
In summary, the Great Depression had a multifaceted impact on the Indian economy, with severe repercussions felt across agriculture, industry, and social structures.