The Great Depression of 1929 had a profound impact on the world economy. The collapse of export markets, fall in the prices of agricultural and commercial products and a decrease in government revenue from customs, excise, stamps and registration were the marked features of this global phenomenon. India,  too, was not was not exempt from its disastrous effects. however, the fact that India’s economy functioned under colonial aegis added further complexity to the whole issue.                        

In the west, the study of the great depression has excited continued interest amongst economies, probably because of the catastrophic economic losses suffered. However, unlike the USA, where there was continuing interest in the study of the Depression, there was no effort in India to have a fresh look at.