About: 1991 Indian economic crisis

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The 1991 Indian economic crisis was an economic crisis in India resulting from a balance of payments deficit due to excess reliance on imports and other external factors. India's economic problems started worsening in 1985 as imports swelled, leaving the country in a twin deficit: the Indian trade balance was in deficit at a time when the government was running on a huge fiscal deficit. In an attempt to seek an economic bailout from the IMF, the Indian government airlifted its national gold reserves.

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rdfs:label	1991 Indian economic crisis (en)
rdfs:comment	The 1991 Indian economic crisis was an economic crisis in India resulting from a balance of payments deficit due to excess reliance on imports and other external factors. India's economic problems started worsening in 1985 as imports swelled, leaving the country in a twin deficit: the Indian trade balance was in deficit at a time when the government was running on a huge fiscal deficit. In an attempt to seek an economic bailout from the IMF, the Indian government airlifted its national gold reserves. (en)
dct:subject	1991 in India 1991 in Indian economy Chandra Shekhar administration Economic crises Economic history of India (1947–present) Rao administration Samajwadi Janata Party (Rashtriya) History of the Republic of India
Wikipage page ID	21803677 (xsd:integer)
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Link from a Wikipage to another Wikipage	Prime Minister of India Reserve Bank of India Union Bank of Switzerland Licence Raj 1991 in India 1991 in Indian economy Chandra Shekhar administration Economic crises Economic history of India (1947–present) Rao administration Samajwadi Janata Party (Rashtriya) Government of India Moody's Investors Service Corruption in India History of the Republic of India London Structural adjustment Purchasing power parity Bank of England Current account deficit Economic history of India Economy of India P. V. Narasimha Rao Foreign exchange reserves Gulf War International Monetary Fund Chandra Shekhar Economic liberalisation in India Manmohan Singh Gross domestic product Gold reserves IMF Indian rupee Rao ministry World Bank Mass media Exchange rate Finance Minister of India Twin deficit State governments in India Chandra Shekhar government Indian Central Government Soviet Bloc Overvaluation
Link from a Wikipage to an external page	https://www.the1991project.com/
sameAs	1991 Indian economic crisis 1991 Indian economic crisis 1991 Indian economic crisis 1991 Indian economic crisis 1991 Indian economic crisis 1991 Indian economic crisis
dbp:wikiPageUsesTemplate	dbt:Citation_needed dbt:Further dbt:Reflist dbt:Short_description dbt:Use_Indian_English dbt:Use_dmy_dates dbt:Financial_crises
has abstract	The 1991 Indian economic crisis was an economic crisis in India resulting from a balance of payments deficit due to excess reliance on imports and other external factors. India's economic problems started worsening in 1985 as imports swelled, leaving the country in a twin deficit: the Indian trade balance was in deficit at a time when the government was running on a huge fiscal deficit. The collapse of the Soviet Bloc, with which India had rupee exchange in trade, also caused problems. By the end of 1990, in the run-up to the Gulf War, the dire situation meant that the Indian foreign exchange reserves could have barely financed three weeks' worth of imports. Meanwhile, the government came close to defaulting on its own financial obligations. By July that year, the low reserves had led to a sharp depreciation/devaluation of the rupee, which in turn exacerbated the twin deficit problem. The Chandrasekhar government could not pass the budget in February 1991 after Moody downgraded India's bond ratings. The ratings further deteriorated due to the unsuccessful passage of the budget. This made it impossible for the country to seek short term loans and exacerbated the existing economic crisis. The World Bank and IMF also stopped their assistance, leaving the government with no option except to mortgage the country's gold to avoid defaulting on payments. In an attempt to seek an economic bailout from the IMF, the Indian government airlifted its national gold reserves. The crisis, in turn, paved the way for the liberalisation of the Indian economy, since one of the conditions stipulated in the World Bank and IMF loan (structural reform), required India to open itself up to participation from foreign entities in its industries, including its state-owned enterprises. The program of economic policy reform which was put in place in 1990 has yielded good results, dramatically improving the quality of life in India. It also resulted in a large increase in inequality with the income share of the Top 10% of the population increasing from 35% in 1991 to 57.1% in 2014. Likewise, the income share of the Bottom 50% decreased from 20.1% in 1991 to 13.1% in 2014. (en)
prov:wasDerivedFrom	wikipedia-en:1991_Indian_economic_crisis?oldid=1107042701&ns=0
page length (characters) of wiki page	18310 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:1991_Indian_economic_crisis
is Link from a Wikipage to another Wikipage of	List of countries by foreign-exchange reserves List of economic crises Mrinal Datta Chaudhuri Strategic Petroleum Reserve (India) Public sector undertakings in India Economy of India P. V. Narasimha Rao Foreign direct investment in India Hindu rate of growth History of the oil industry in India HAL Dhruv History of India (1947–present) Jaswant Singh 1991 India economic crisis Chandra Shekhar Economic liberalisation in India

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