Identify the statement associated with Indian Economic Crisis of 1991 ?

Our foreign exchange borrowed from other countries and financial institutions was spent on meeting consumption.

The statement associated with the Indian Economic Crisis of 1991 is Our foreign exchange borrowed from other countries and financial institutions was spent on meeting consumption.

During the 1980s, the Indian government borrowed heavily from foreign countries and financial institutions to finance its budget deficit. This borrowing led to a large increase in India's external debt. In addition, the government spent a large amount of its foreign exchange reserves on imports, which further depleted the country's foreign exchange reserves.

By the early 1990s, India's foreign exchange reserves had dwindled to a dangerously low level. This made it difficult for the country to import essential goods, such as oil and food. The government was also unable to repay its foreign debts.

The Indian Economic Crisis of 1991 was a consequence of this excessive borrowing and spending. The crisis led to a sharp decline in India's economic growth and a significant increase in poverty.

The other statements are not associated with the Indian Economic Crisis of 1991.

• The income from public sector undertaking was not high during the 1980s and 90s.
• Indian govt. income was not greater than govt. expenditure during the 1990s.
• There were not sufficient amount of foreign exchange during the 1990s.