Effects of world economic crisis on rural India are: . The indebtedness of Indian peasants increased. They used up their savings, mortgaged lands and sold whatever jewellery and precious metals they had, to meet their expenses. . In these depression years India became an exporter of precious metals, notably gold. . Indian global economic recovery certainly helped speed up Britain’s recovery but did little for the Indian peasants. . Rural India was thus seething with unrest when Mahatma Gandhi launched the Civil Disobedience Movement at the height of the depression in 1931.