Why did the price of jute fell down between 1928 and 1934?

The period between 1928 to 1934 is called as the Great Depression. India had also faced severe effects of this. Bengal was a major state producing jute. Jute was used to make gunny bags. With the depression period, the demand for gunny bags fell. This, in turn, led to a fall in the price of jute by almost 60 percent.


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