It began around 1929 and till mid - 1930's.
- This period caused declines in production, employement , income n trade.
Effects on exports:-
-India had become and exported of agricultural goods in 19 th century, but between 1928 to 1934. , exports were halved ; wheat prices fell by 50% n on jute 60%.
Effects on peasents and formers :-
- The most severely hit were farmers who produced for world markets.
-Agricutural prices fell.
- Government refused to reduce revenue demands .
Eg:_Jute producers of Bengal who had borrowed in hope of Better times n increased output s , faced Evn lower prics n fell in deeper debts.
Gold from India :-
-They sold their possessions like jewellery ,land etc.Indis became exporters of gold and led to recovery of bretain from depression s.
-John Keynes marked that Indian gold exports promoted global economic recovery.
Nationalist movement :-
-Mahatma Gandhi ,sensing the weakness of British launched civil disobedience movement in 1931 ,at the peak of depression.
Urban India:-
- Only section that didn't suffer was people with regular income s who could buy things at cheap rates.

-farmers are suffering due to cheap import, small traders are suffering due to big malls..
.-due to globalisation people are getting attracted towards western life style. This behavioural change bring change in their expenditure pattern. They are less saving and more consuming. Many traditions, practices and languages are feared to have phased out, replaced by Western ideologies. .
.-fall of value system-Nuclear families are more based on utilitarianism therefore, in case of any dispute relations ends. Dissatisfied and stressed people go to prostitutes. Ultimately causing damage to family structure.
-globalization is working mostly in favour of rich countries. They continue to dominate the world politics and economy at the expense of developing/poor countries, whose role is mostly to provide the richer countries with cheap labors and cheap raw materials.
-there are no guarantees that the wealth created from foreign investment will benefit local community .
- people are unemployed at their own home Because it’s cheaper to operate in another country, companies tend to move their operation oversea...