The Great Depression affected the Indian trade in many ways: (i) India’s exports and imports were halved between 1928 and 1934. (ii) As international prices crashed, prices in India also plunged. (iii) Peasants and farmers suffered more than urban dwellers. (iv) Peasants producing for the world market were the worst hit. (v) Town-dwelling land owners and middle-class salaried employees found themselves better off as everything cost less.