Topics: CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books

Foreign Exchange Reserves in 1991

Question

In 1991, India's foreign exchange reserves had dropped to a level that could not finance imports for more than:

Select an answer

In 1991, India's foreign exchange reserves had dropped to a level that could not finance imports for more than:

  1. One month
  2. Two weeks — Correct Answer
  3. One week
  4. Three months
Explanation:
Correct Answer Explanation

Foreign exchange reserves dropped to levels not adequate to finance imports for more than two weeks.

Key Points:
  • India could not pay interest to international lenders.
  • No country or international funder was willing to lend to India.
  • India approached the World Bank (IBRD) and IMF for assistance.

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This multiple choice question is from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL to strengthen your preparation.

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