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Which organisation provided financial support to India during the 1991 economic crisis?

AUnited Nations

BWorld Trade Organization

CInternational Monetary Fund

DAsian Development Bank

Answer:

C. International Monetary Fund

Read Explanation:

The International Monetary Fund (IMF) provided financial support to India during the 1991 economic crisis. India had to secure an emergency loan of 2.2 billion dollar from the International Monetary Fund by pledging 67 tonnes of Gold as collateral security. In May 1991, India sent 20 tonnes of Gold to Union Bank of Switzerland, Zurich and in July, 47 tonnes of Gold was given to Bank of England to raise a total of 600 million dollar.

Related Questions:

The main objective of the New Economic Policy (NEP) of India (1991)

  1. i. To bring down poverty and unemployment.
  2. To bring down the rate of inflation and remove imbalances in payment.
  3. To move towards a higher economic growth rate and build sufficient foreign exchangereserves.
  4. To plunge the Indian economy into the arena of Globalization and to give it a newthrust on market orientation.

Which of the above statements are not correct ? 

 

How did the LPG reforms impact India's fiscal policies and government spending?
What was the primary objective of India's economic liberalization?
ഇന്ത്യയിൽ സാമ്പത്തിക ഉദാരവൽക്കരണത്തിന് തുടക്കമിട്ട കേന്ദ്ര ധനമന്ത്രി :
Which of the following trade agreements has India signed post-liberalization?