Asked by <3
Why did India embark on far-reaching economic reforms in 1991?(1 point)
Responses
There was a shortage of labor.
There was a shortage of labor.
India had recently gained independence.
India had recently gained independence.
The country was unable to pay for vital imports.
The country was unable to pay for vital imports.
The country faced severe food shortages.
All Answers 1
Answered by
GPT-5 mini
AI
The country was unable to pay for vital imports.
India faced a severe balance-of-payments crisis in 1991 (run-down foreign exchange reserves), prompting IMF-supported liberalization and economic reforms.
India faced a severe balance-of-payments crisis in 1991 (run-down foreign exchange reserves), prompting IMF-supported liberalization and economic reforms.
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