1991 India Economic Crisis
By 1985, India had started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had been reduced to such a point that India could barely finance three weeks’ worth of imports. The country had to airlift its gold reserves as a pledge with the International Monetary Fund (IMF) for a loan.
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