In 1991, India faced a balance of payments crisis. The Gulf War had led to a sharp increase in world oil prices, and import bills rapidly rose while trade deficits widened. Foreign currency assets had declined to Rs24 billion at the end of June 1991, barely enough to finance two weeks ...
But its sustainability has been in question, first with the 1991 fiscal-balance of payments crisis (BoP), and then again after 1997/98, when fiscal deficits returned to the 10 percent of GDP range and government debt grew. This paper analyzes the deterioration in India's public finances and...
Heehs, Peter.The Bomb in Bengal: The Rise of Revolutionary Terrorism in India, 1900–1910.Oxford: Oxford University Press, 1993. Jalan, Bimal.India's Economic Crisis: The Way Ahead.New York: Oxford University Press, 1991. —— (ed.).The New Cambridge History of India.New York: Cambridge...
India's 1991 Economic Reform India's 2009 General Election India's agriculture India's Agriculture & Food India's airforce India's archives India's Army India's aviation India's balance of payments India's Bangladesh liberation war India's Banking India's Budget India's bur...
In the end, our views prevailed and the changes which would transform the economy began, after an external payments crisis in 1991, under the forceful leadership of Prime Minister Manmohan Singh who was the Finance Minister at the time….” (B) Bhagwati said to Economic Times on 28 July ...
shipments of food would henceforth be financed by long term credits repayable in U.S. dollars only. This new policy, called "Food for Peace, " further aggravated India's balance of payments situation, which in tum began to seriously affect the government's ability to import sufficient raw...
There were various factors responsible for this shift, the major ones being: India's economic crisis in 1991, the collapse of the Soviet Union, the end of biopolarism and the advent of liberalized and globalized world, India's giving up of old foreign policy calculations guided by the cold...
Finally, were the reforms of 1991 driven by pressure from the International Monetary Fund (IMF) at the time of a balance of payments crisis? After all, the reforms and the crisis both coincided. This would support the critical juncture argument, where a short-term external impact creates a ...
Facing a severe balance of payments crisis in 1991, the Indian economy liberalized with a slew of economic reforms aimed at reducing import tariffs and “opening up” sectors to foreign investment. As a result, foreign direct investment to the country trended upwards, gathering steam at the star...
India's 1991 Economic Reform India's 2009 General Election India's agriculture India's Agriculture & Food India's airforce India's archives India's Army India's aviation India's balance of payments India's Bangladesh liberation war India's Banking India's Budget India's bur...