The period between 1929 and 1930 was a severe period of economic depression, also known as the Great Depression. The worldwide GDP fell by 15% from 1929 to 1932. The Great Depression not only affected the rich countries, but poor countries were also adversely affected by it. The depression originated in the United States, after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 also known as Black Tuesday.
RBI Governor Raghuram Rajan told to an audience at the London Business School on Thursday that he do worry that they might slowly slip into the kinds of problems that they had faced during [...]