Answer:
(i) The economic
depression immediately affected Indian trade, as India's exports and imports
nearly halved between 1928 to 1934.
(ii) Agricultural
prices fell sharply, but the colonial government refused to reduce revenues.
Peasants producing for the world markets were the worst hit.
(iii) Raw
jute was produced, processed in the industries to make gunny bags. Its exports
collapsed and prices fell by 60 per cent." Peasants of Bengal fell into
debt traps.
(iv) Peasants used
up their savings, mortgaged lands, and sold their precious jewellery to meet
their expenses.
The depression proved less grim for urban India.
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