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Why did the price in India fall down by 50 per cent between 1928 and 1934?
[2010, 2011 (T-1)]
- a)Due to less production
- b)Due to floods
- c)Due to Great Depression
- d)Due to droughts
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Why did the price in India fall down by 50 per cent between 1928 and 1...
Explanation:
The fall in prices in India between 1928 and 1934 can be attributed to the following factors:
The Great Depression:
- The Great Depression, which started with the stock market crash of 1929 in the United States, had a significant impact on the global economy.
- As the global economy contracted, there was a decrease in demand for goods and commodities, leading to a decline in prices.
- This economic downturn affected India as well, causing a fall in prices.
Decline in Agricultural Prices:
- India's economy was primarily agrarian during this period, and agriculture played a crucial role in determining overall prices.
- The Great Depression resulted in a decline in agricultural prices due to reduced demand and oversupply.
- Farmers faced difficulties as their incomes decreased, leading to a decrease in overall prices.
Impact of Government Policies:
- The British colonial government in India implemented policies to stabilize the economy during the Great Depression.
- These policies included reducing government expenditure and tightening credit, which further contributed to the fall in prices.
Therefore, the price fall in India between 1928 and 1934 can be primarily attributed to the Great Depression, decline in agricultural prices, and the impact of government policies.
View all questions of this test
The fall in prices in India between 1928 and 1934 can be attributed to the following factors:
The Great Depression:
- The Great Depression, which started with the stock market crash of 1929 in the United States, had a significant impact on the global economy.
- As the global economy contracted, there was a decrease in demand for goods and commodities, leading to a decline in prices.
- This economic downturn affected India as well, causing a fall in prices.
Decline in Agricultural Prices:
- India's economy was primarily agrarian during this period, and agriculture played a crucial role in determining overall prices.
- The Great Depression resulted in a decline in agricultural prices due to reduced demand and oversupply.
- Farmers faced difficulties as their incomes decreased, leading to a decrease in overall prices.
Impact of Government Policies:
- The British colonial government in India implemented policies to stabilize the economy during the Great Depression.
- These policies included reducing government expenditure and tightening credit, which further contributed to the fall in prices.
Therefore, the price fall in India between 1928 and 1934 can be primarily attributed to the Great Depression, decline in agricultural prices, and the impact of government policies.
Most Upvoted Answer
Why did the price in India fall down by 50 per cent between 1928 and 1...
The main reason for the price fall in India between 1928 and 1934 was the Great Depression.
- **Great Depression**:
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s. It was marked by a sharp decline in industrial production and trade, leading to high unemployment rates and a significant drop in prices of goods and services. This global economic downturn had a major impact on various countries, including India.
- **Impact on India**:
India, being a part of the global economy, was not immune to the effects of the Great Depression. The country experienced a significant decline in economic activity, leading to reduced demand for goods and services. This resulted in a sharp fall in prices across various sectors, causing a 50 per cent drop in prices between 1928 and 1934.
- **Consequences**:
The economic downturn during this period had serious consequences for the Indian economy. Many businesses were forced to shut down, leading to widespread unemployment and poverty. The agricultural sector, which was already struggling due to droughts and other factors, was further affected by the drop in prices, causing distress among farmers.
In conclusion, the Great Depression was the primary reason for the significant price fall in India between 1928 and 1934. The economic downturn had a profound impact on the country, leading to widespread economic hardship and a sharp decline in prices across various sectors.
- **Great Depression**:
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s. It was marked by a sharp decline in industrial production and trade, leading to high unemployment rates and a significant drop in prices of goods and services. This global economic downturn had a major impact on various countries, including India.
- **Impact on India**:
India, being a part of the global economy, was not immune to the effects of the Great Depression. The country experienced a significant decline in economic activity, leading to reduced demand for goods and services. This resulted in a sharp fall in prices across various sectors, causing a 50 per cent drop in prices between 1928 and 1934.
- **Consequences**:
The economic downturn during this period had serious consequences for the Indian economy. Many businesses were forced to shut down, leading to widespread unemployment and poverty. The agricultural sector, which was already struggling due to droughts and other factors, was further affected by the drop in prices, causing distress among farmers.
In conclusion, the Great Depression was the primary reason for the significant price fall in India between 1928 and 1934. The economic downturn had a profound impact on the country, leading to widespread economic hardship and a sharp decline in prices across various sectors.
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Why did the price in India fall down by 50 per cent between 1928 and 1934?[2010, 2011 (T-1)]a)Due to less productionb)Due to floodsc)Due to Great Depressiond)Due to droughtsCorrect answer is option 'C'. Can you explain this answer?
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