Economics · Economic History
What was the primary cause of India's foreign exchange crisis during the Second Five-Year Plan period (1957–1958)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Global macroeconomic oil price shock
- 2Severe collapse of global primary commodity prices
- 3Sudden decline in workers' inward remittances
- 4Sharp rise in imports of capital goods due to the heavy-industry strategy✓
Correct answer
Sharp rise in imports of capital goods due to the heavy-industry strategy
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