In 1991, India experienced an economic crisis of exceptional se- verity, triggered by the rise in imported oil prices following the first Gulf War (after Iraq’s invasion of Kuwait). Foreign exchange reserves fell as nonresident Indians (NRIs) cut back on repatria- tion of their savings, imports were tightly controlled across all sec- tors, and industrial production fell while inflation was rising. A new government took office in June 1991 and introduced measures to stabilize the economy in the short term, then launched a fun- damental restructuring program to ensure medium-term growth. Results were dramatic. By 1994, inflation was halved, exchange reserves were greatly increased, exports were growing, and foreign investors were looking at India, a leading Big Emerging Market, with new eyes.