In 1991, India experienced an economic crisis of exceptional severity,
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 repatriation
of their savings, imports were tightly controlled across all sectors,
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 fundamental
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.
In 1991, India experienced an economic crisis of exceptional severity,
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 repatriation
of their savings, imports were tightly controlled across all sectors,
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 fundamental
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.
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