India embarked on far-reaching economic reforms in 1991 primarily because the country was unable to pay for vital imports. This economic crisis was characterized by a balance of payments crisis, which led to a significant devaluation of the currency and necessitated reforms to liberalize the economy and attract foreign investment.
Why did India embark on far-reaching economic reforms in 1991?(1 point)
Responses
India had recently gained independence.
India had recently gained independence.
There was a shortage of labor.
There was a shortage of labor.
The country was unable to pay for vital imports.
The country was unable to pay for vital imports.
The country faced severe food shortages.
1 answer
1 answer