(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.