The Indian economy faced reduced demand for its exports, particularly agricultural products and textiles. This led to falling prices, decreased production, and significant distress in industries. In the textile sector, employers, including those in Bombay and Ahmedabad, responded to falling profits and demand by cutting wages drastically, leading to widespread labor unrest and strikes. The wage reduction of 30-50% in Bombay mills is a well-documented consequence.
Bombay subsequently became a major hub for the cotton textile industry due to its proximity to cotton-growing areas and port facilities. 167. What was the net result of the Great Depression of 1930's? a. Population of Bombay decreased. b. Number of textile mills in Ahmedabad decreased. c. Bombay mill owners reduced the textile workers' wages by 30 – 50%. d. All of the above are correct.
Asked in MPSC CS Prelims 2015 · Topic: Economic Impact of British Rule on India (Limited Growth of Modern Industries under British Patronage)
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Answer: C. b and c are correct
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