Economics · Economic Reforms
Which external economic factor and macroeconomic challenge directly triggered India's severe Balance of Payments (BoP) crisis in 1991?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Signing of the GATT agreement and sudden removal of internal agricultural subsidies
- 2Hyperinflation in the United States and global rise in gold standard valuation
- 3The Great Depression and collapse of the East Asian economies
- 4The Gulf War outbreak and massive depletion of foreign exchange reserves✓
Correct answer
The Gulf War outbreak and massive depletion of foreign exchange reserves
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