<P> The worldwide Great Depression of 1929 had little direct impact on India, with only slight impact on the modern secondary sector . The government did little to alleviate distress, and was focused mostly on shipping gold to Britain . The worst consequences involved deflation, which increased the burden of the debt on villagers while lowering the cost of living . In terms of volume of total economic output, there was no decline between 1929 and 1934 . Falling prices for jute (and also wheat) hurt larger growers . The worst hit sector was jute, based in Bengal, which was an important element in overseas trade; it had prospered in the 1920s but was hard hit in the 1930s . In terms of employment, there was some decline, while agriculture and small - scale industry exhibited gains . The most successful new industry was sugar, which had meteoric growth in the 1930s . </P> <P> The newly independent but weak Union government's treasury reported annual revenue of £ 334 million in 1950 . In contrast, Nizam Asaf Jah VII of south India was widely reported to have a fortune of almost £ 668 million then . About one - sixth of the national population were urban by 1950 . A US Dollar was exchanged at 4.97 Rupees . </P>

Which word to primary products of india during british raj