1991 Economic reforms: India’s defining economic shift
India’s Economic Crisis and the 1991 IMF Bailout By 1991, India was teetering on the edge of financial collapse. Foreign reserves had dwindled below $1 billion—barely enough to cover two weeks of imports. Inflation spiked to 17%, fiscal deficits exceeded 8.5% of GDP, and the government faced mounting debt. In a desperate bid to avert […]
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