India's 1991 Economic Crisis

In 1991, India's economy was on the brink of collapse. The country was facing a severe balance of payments crisis, with foreign exchange reserves dwindling rapidly. However, the government of the time took swift and decisive action, implementing a series of economic reforms that helped stabilize the economy. One of the key measures was the use of gold reserves to secure international loans. This move helped to restore investor confidence and attract foreign capital, which in turn helped to boost economic growth.