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What is India’s 1991 Balance of Payments Crisis about?
The 1991 Balance of Payments (BoP) crisis in India was caused by a significant macroeconomic imbalance, characterized by a large fiscal deficit and a current account deficit due to excessive imports and rising oil prices. The crisis led to drastic measures including the devaluation of the rupee, selling gold reserves, and implementing economic reforms that ultimately liberalized the Indian economy. These reforms were necessary for India to secure international loans and avoid defaulting on its debts.
- Author
- v7614378
- Language
- EN