Please answer the following question: Read the following paragraph and extract the answer for the question: What industry was hit by a global depression?  The Kingdom of Mysore reached a peak in economic power under Hyder Ali and Tipu Sultan, in the post-Mughal era of the mid-late 18th century. They embarked on an ambitious program of economic development, aiming to increase the wealth and revenue of Mysore. Under their reign, Mysore overtook the Bengal Subah as India's dominant economic power, with productive agriculture and textile manufacturing.Tipu Sultan is credited with founding state trading depots in various locations of his kingdom. In addition, he founded depots in foreign locations such as Karachi, Jeddah and Muscat, where Mysore products were sold. During Tipu's rule French technology was used for the first time in carpentry and smithing, Chinese technology was used for sugar production, and technology from Bengal helped improve the sericulture industry. State factories were established in Kanakapura and Taramandelpeth for producing cannons and gunpowder respectively. The state held the monopoly in the production of essentials such as sugar, salt, iron, pepper, cardamom, betel nut, tobacco and sandalwood, as well as the extraction of incense oil from sandalwood and the mining of silver, gold and precious stones. Sandalwood was exported to China and the Persian Gulf countries and sericulture was developed in twenty-one centers within the kingdom.The Mysore silk industry was initiated during the rule of Tipu Sultan. Later the industry was hit by a global depression and competition from imported silk and rayon. In the second half of the 20th century, it however revived and the Mysore State became the top multivoltine silk producer in India.Under Tipu Sultan, Mysore enjoyed one of the world's highest real wages and living standards in the late 18th century, higher than Britain, which in turn had the highest living standards in Europe. Mysore's average per-capita income was five times higher than subsistence level, i.e. five times higher than $400 (1990 international dollars), or $2,000 per capita. In comparison, the highest national per-capita incomes...
Answer:
The Mysore silk industry