In 1991, India met with an economic crisis. According to you, what was the major reason behind the crisis?

Internal conflict among major industries Political instability in the country Growing external debt None of the above

Growing external debt

India met with an economic crisis relating to its external debt, the government was not able to make repayments on its borrowings from abroad. Foreign exchange reserves , which we generally maintain to import petroleum and other important items, dropped to levels that were not sufficient for even a fortnight.