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title="Balance of payments">balance of payments</a> deficit due to excess reliance on imports and other external factors.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> India's economic problems started worsening in 1985 as imports swelled, leaving the country in a <a href="/wiki/Twin_deficit" class="mw-redirect" title="Twin deficit">twin deficit</a>: the Indian trade balance was in deficit at a time when the government was running on a huge fiscal deficit (although the twin-deficit hypothesis is disputed).<sup id="cite_ref-originalreport_2-0" class="reference"><a href="#cite_note-originalreport-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The fall of the <a href="/wiki/Eastern_Bloc" title="Eastern Bloc">Eastern Bloc</a>, which had trade relations with India and allowed for rupee exchange, posed significant issues. Towards the end of 1990, leading up to the <a href="/wiki/Gulf_War" title="Gulf War">Gulf War</a>, the situation became dire. India's foreign exchange reserves were not enough to finance three weeks' worth of imports. Additionally, the Gulf War, specifically the conflict between Iraq and Kuwait, caused a significant shift in the trade deficit as India relied on these nations for crude oil. The surge in crude oil prices further exacerbated the imbalance in India's balance of payments. Meanwhile, the government was on the brink of defaulting on its financial obligations. In July of that year, the rupee experienced a sharp depreciation/devaluation due to the low reserves, which further worsened the twin deficit problem.<sup id="cite_ref-auto_3-0" class="reference"><a href="#cite_note-auto-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In February 1991, the <a href="/wiki/Chandra_Shekhar_ministry" title="Chandra Shekhar ministry">Chandrasekhar government</a> was unable to pass the budget after <a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's</a> downgraded India's bond ratings.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The ratings declined further due to the unsuccessful passage of the budget, making it increasingly challenging and expensive for India to borrow money from international capital markets. This placed additional pressure on the country's economy.<sup id="cite_ref-:0_5-0" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The International Monetary Fund (<a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a>) suspended its loan program to India, and the <a href="/wiki/World_Bank" title="World Bank">World Bank</a> also discontinued its assistance. These actions limited the government's options to address the crisis and forced it to take drastic measures to avoid defaulting on its payments.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-CorbridgeHarriss2013_8-0" class="reference"><a href="#cite_note-CorbridgeHarriss2013-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>To address the economic crisis, the government implemented various measures, including the pledge of a significant portion of India's gold reserves to the Bank of England and the Union Bank of Switzerland as collateral. The aim of this move was to secure much-needed foreign exchange to meet India's debt obligations and stabilize the economy. However, this decision was not without controversy and was seen by some as a drastic and desperate move. Critics viewed the decision to mortgage the country's gold as a sign of the government's limited options and inability to manage the crisis effectively.<sup id="cite_ref-bail_9-0" class="reference"><a href="#cite_note-bail-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The economic crisis created a situation where India had to accept the conditions imposed by the World Bank and the IMF, which included structural reforms. As a result, the Indian economy was opened up to <a href="/wiki/Economic_liberalisation_in_India" title="Economic liberalisation in India">foreign participation in various sectors, including state-owned enterprises</a>. This move towards liberalization was seen by some as necessary to secure much-needed funds and prevent defaults on its loan payments. However, it also led to concerns about the impact of foreign entities on India's economy and the potential loss of control over vital industries.<sup id="cite_ref-worldbank_10-0" class="reference"><a href="#cite_note-worldbank-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>India's liberalization policies since 1991 have led to significant economic growth and integration into the global economy, but have also faced criticism for uneven distribution of <a href="/wiki/Economic_liberalisation_in_India" title="Economic liberalisation in India">benefits, austerity, unemployment and negative impacts on the environment.</a><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Causes_and_context">Causes and context</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=1" title="Edit section: Causes and context"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>During the 1970s, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) began to increasingly criticise capital controls and shifted its perspective away from the belief that high unemployment was primarily due to insufficient demand. Instead, it started to emphasise the significance of 'inflexible' labor markets and other supply-side factors as the main causes of economic issues. These shifting views eventually laid the groundwork for what would be recognised as the '<a href="/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a>.' These set of economic liberalisation strategies were 'recommended' (<a href="/wiki/Structural_adjustment" title="Structural adjustment">or forced</a>) upon developing nations like India by Washington-based institutions, including the IMF, the World Bank, and the United States government's economic departments.<sup id="cite_ref-:1_13-0" class="reference"><a href="#cite_note-:1-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The <i><a href="/wiki/Paul_Volcker" title="Paul Volcker">Volcker shock</a></i> caused capital outflows from the developing world, causing external dollar denominated debt crises and economic slowdowns in Latin America and other developing countries, including India.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> This along with Gulf War oil price spike and the dissolution of the USSR and Eastern Bloc leaving the U.S. as the sole superpower gave the previously stated institutions the perfect opportunity to force its policies upon developing countries.<sup id="cite_ref-:1_13-1" class="reference"><a href="#cite_note-:1-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The crisis was caused by currency <a href="/wiki/Overvaluation" class="mw-redirect" title="Overvaluation">overvaluation</a>;<sup id="cite_ref-auto_3-1" class="reference"><a href="#cite_note-auto-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/Current_account_deficit" class="mw-redirect" title="Current account deficit">current account deficit</a>, and investor confidence played significant role in the sharp exchange rate depreciation.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Ghosh_16-0" class="reference"><a href="#cite_note-Ghosh-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>During the mid-eighties, India started having balance of payments problems. Precipitated by the <a href="/wiki/Gulf_War" title="Gulf War">Gulf War</a>, India's oil import bill swelled, exports slumped, credit dried up, and investors took their money out.<sup id="cite_ref-jolt_18-0" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Large fiscal deficits combined with the fixed exchange rate had a spillover effect on the trade deficit culminating in an external payments crisis. By the end of the 1980s, India was in serious economic trouble. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:External-debt-as-a-share-of-gni.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/External-debt-as-a-share-of-gni.png/269px-External-debt-as-a-share-of-gni.png" decoding="async" width="269" height="190" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/External-debt-as-a-share-of-gni.png/404px-External-debt-as-a-share-of-gni.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/External-debt-as-a-share-of-gni.png/538px-External-debt-as-a-share-of-gni.png 2x" data-file-width="3400" data-file-height="2400" /></a><figcaption>External debt of India (1970–2020)</figcaption></figure> <p>One of the main causes of the crisis was the accumulation of foreign debt. In the 1980s, India had borrowed heavily from international lenders, in part to finance infrastructure projects and industrialization. However, by 1991, the country was facing a severe balance of payments crisis, as it was unable to service its debt and was running out of foreign exchange reserves.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> There were also structural problems in the Indian economy that contributed to the crisis, including low savings and investment rates, and inadequate export growth. </p><p>The foreign exchange reserves by 1991 had dried up to the point that India could barely finance three weeks worth of imports.<sup id="cite_ref-WB2_20-0" class="reference"><a href="#cite_note-WB2-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>In mid-1991, India's <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> was subjected to a severe adjustment. This event began with a slide in the value of the <a href="/wiki/Indian_rupee" title="Indian rupee">Indian rupee</a> leading up to mid-1991. The authorities at the <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> took partial action, defending the currency by expanding international reserves and slowing the decline in value. However, in mid-1991, with foreign reserves nearly depleted, the Indian government permitted a sharp devaluation that took place in two steps within three days (1 July and 3 July 1991) against major currencies. </p> <div class="mw-heading mw-heading2"><h2 id="Recovery">Recovery</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=2" title="Edit section: Recovery"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_liberalisation_in_India" title="Economic liberalisation in India">Economic liberalisation in India</a></div> <p>With India's <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange reserves</a> at $1.2 billion in January 1991<sup id="cite_ref-circle_21-0" class="reference"><a href="#cite_note-circle-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-why_22-0" class="reference"><a href="#cite_note-why-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-live_23-0" class="reference"><a href="#cite_note-live-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> and depleted by half by June,<sup id="cite_ref-live_23-1" class="reference"><a href="#cite_note-live-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> barely enough to last for roughly 3 weeks of essential imports,<sup id="cite_ref-why_22-1" class="reference"><a href="#cite_note-why-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-pti_24-0" class="reference"><a href="#cite_note-pti-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> India was only weeks away from defaulting on its external balance of payment obligations.<sup id="cite_ref-why_22-2" class="reference"><a href="#cite_note-why-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-live_23-2" class="reference"><a href="#cite_note-live-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Government_of_India" title="Government of India">Government of India</a>'s immediate response was to secure an emergency loan of $2.2 billion<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-buy_26-0" class="reference"><a href="#cite_note-buy-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-WB_Doc_27-0" class="reference"><a href="#cite_note-WB_Doc-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> from the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> by pledging 67 tons of India's gold reserves as collateral security.<sup id="cite_ref-bail_9-1" class="reference"><a href="#cite_note-bail-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-buy_26-1" class="reference"><a href="#cite_note-buy-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> had to airlift 47 tons of gold to the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a><sup id="cite_ref-jolt_18-1" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-circle_21-1" class="reference"><a href="#cite_note-circle-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> and 20 tons of gold to the <a href="/wiki/UBS" title="UBS">Union Bank of Switzerland (UBS)</a> to raise $600 million.<sup id="cite_ref-jolt_18-2" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-circle_21-2" class="reference"><a href="#cite_note-circle-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-swadeshi_28-0" class="reference"><a href="#cite_note-swadeshi-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The government, in the midst of the <a href="/wiki/1991_Indian_general_election" title="1991 Indian general election">1991 Indian general elections</a>, conducted the airlift with secrecy.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The news of the government pledging the entire gold reserves against the loan outraged national sentiments and caused a public outcry.<sup id="cite_ref-jolt_18-3" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-pti_24-1" class="reference"><a href="#cite_note-pti-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The gold was transported to London via a chartered plane from May 21 to May 31, 1991.<sup id="cite_ref-jolt_18-4" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Chandra_Shekhar_ministry" title="Chandra Shekhar ministry">Chandra Shekhar government</a>, which authorised the airlift, collapsed a few months later.<sup id="cite_ref-jolt_18-5" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> This move was seen as prioritising the balance of payment crisis over the welfare of the Indian people and kick-started <a href="/wiki/P._V._Narasimha_Rao" title="P. V. Narasimha Rao">P.V. Narasimha Rao</a>'s economic reform process.<sup id="cite_ref-circle_21-3" class="reference"><a href="#cite_note-circle-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> In 2024, the RBI has returned its 100 tonnes of gold reserves to India from the UK for the first time since 1991, and by this process, India started holding most of the gold reserves in its own vaults.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Under_the_Narasimha_Rao_government">Under the Narasimha Rao government</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=3" title="Edit section: Under the Narasimha Rao government"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/P._V._Narasimha_Rao" title="P. V. Narasimha Rao">P. V. Narasimha Rao</a> took over as <a href="/wiki/Prime_Minister_of_India" title="Prime Minister of India">Prime Minister</a> in June, and appointed <a href="/wiki/Manmohan_Singh" title="Manmohan Singh">Manmohan Singh</a> as <a href="/wiki/Finance_Minister_of_India" class="mw-redirect" title="Finance Minister of India">Finance Minister</a>.<sup id="cite_ref-jolt_18-6" class="reference"><a href="#cite_note-jolt-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Rao_ministry" title="Rao ministry">Narasimha Rao government</a> ushered in several reforms that are collectively referred to as <a href="/wiki/Economic_liberalisation_in_India#Narasimha_Rao_government_(1991–1996)" title="Economic liberalisation in India">liberalisation</a> in the Indian <a href="/wiki/Mass_media" title="Mass media">media</a>. </p><p>The reforms formally began on 1 July 1991 when RBI devalued the rupee by 9% and by a further 11% on 3 July. It was done in two doses to test the reaction of the market first by making a smaller depreciation of 9%.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The economic reforms pushed by Prime Minister Rao were met with significant opposition from those who believed that they resulted in a reduction of India's autonomy. The speech made by then Prime Minister Rao, a week after taking office, emphasized the need for these reforms. As reported by the New York Times, "Mr. Rao, who was sworn in as Prime Minister last week, has already sent a signal to the nation—as well as the I.M.F.—that India faced no "soft options" and must open the door to foreign investment, reduce the bureaucratic red tape that stifles initiative, and streamline industrial policy."<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aftermath">Aftermath</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=4" title="Edit section: Aftermath"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Economic_liberalisation_in_India#Criticisms" title="Economic liberalisation in India">Economic liberalisation in India § Criticisms</a></div> <p>Since the implementation of economic reforms in 1991, India has experienced substantial economic growth and has emerged as a prominent participant in the global economy. The liberalization policies of the Indian government have facilitated this growth by attracting foreign investments, increasing trade relations, and promoting domestic economic reforms. </p><p>However, while some argue that these policies have benefited India, there are criticisms that suggest otherwise. Some experts argue that the growth has been uneven, and the benefits of liberalization policies have not been equally distributed across the country. Inequality has increased as the divide between the rich and poor has widened, and marginalized communities have been left behind. Additionally, some have argued that liberalization policies have had negative impacts on the environment and have not addressed issues related to sustainability and social justice.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Despite these criticisms, the Indian government continues to promote liberalization policies and seeks to further integrate into the global economy. The success of these policies remains a subject of debate and continues to be a significant point of discussion among policymakers, economists, and civil society groups. </p><p>India's <a href="/wiki/Economy_of_India" title="Economy of India">gross domestic product</a> (GDP), adjusted for inflation, increased from $266 billion in 1991 to $3.7 trillion in 2023, while its purchasing power parity increased from $1 trillion in 1991 to $13 trillion in 2023. </p><p>Poverty has declined steeply from 55.1% in 2005–06 to 16.4% in 2019–20.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> In addition to the economic growth and development, access to basic necessities such as food, shelter, and healthcare have drastically improved for people in India. Additionally, life expectancy has consistently improved from an average of 58.7 years in 1990 to an average of 67.2 in 2021.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>These challenges while not unique to developing countries, are being addressed considerably well by India over the last few decades. The Indian government has implemented various policies to address these issues, such as poverty alleviation programs, healthcare initiatives, and education reforms. While progress has been significant, there is room for more to promote sustainable development in India.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Continued_current_account_deficit">Continued current account deficit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=5" title="Edit section: Continued current account deficit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Despite implementing liberal reforms in 1991, India has been unable to eliminate its current account deficit. In contrast to countries like China and Vietnam, which have managed to achieve a surplus, India continues to face this imbalance. Consequently, India relies on foreign capital inflows in the form of <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign direct investment</a> (FDI) and <a href="/wiki/Foreign_portfolio_investment" title="Foreign portfolio investment">foreign portfolio investment</a> (FPI) to meet its balance of payments requirements. However, this dependence on foreign investment makes India more susceptible to external shocks. </p><p>An example of such vulnerability is the potential impact of the U.S. Federal Reserve raising interest rates. In the event of a rate hike, foreign investors in "risky" emerging markets like India may redirect their investments towards "safe" markets such as Europe and the U.S. As a result, these investors would sell their assets denominated in Indian rupees in exchange for foreign currency assets. Consequently, India's foreign exchange reserves would diminish, and the value of the rupee would weaken and imports would become more expensive.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_liberalisation_in_India" title="Economic liberalisation in India">Economic liberalisation in India</a></li> <li><a href="/wiki/Corruption_in_India" title="Corruption in India">Corruption in India</a></li> <li><a href="/wiki/Economic_history_of_India" title="Economic history of India">Economic history of India</a></li> <li><a href="/wiki/Economy_of_India" title="Economy of India">Economy of India</a></li> <li><a href="/wiki/Licence_Raj" title="Licence Raj">Licence Raj</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1991_Indian_economic_crisis&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/staffp/2002/03/pdf/cerra.pdf">"What Caused the 1991 Currency Crisis in India?"</a> <span class="cs1-format">(PDF)</span>. <i>VALERIE CERRA and SWETA CHAMAN SAXENA</i>. International Monetary Fund<span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=VALERIE+CERRA+and+SWETA+CHAMAN+SAXENA&rft.atitle=What+Caused+the+1991+Currency+Crisis+in+India%3F&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fstaffp%2F2002%2F03%2Fpdf%2Fcerra.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-originalreport-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-originalreport_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://documents.worldbank.org/curated/en/999451468260069468/India-Structural-Adjustment-Credit-Project">"India - Structural Adjustment Credit Project (English) - Presidents report"</a>. <i>documents.worldbank.org</i>. 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Retrieved <span class="nowrap">20 October</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Hindu&rft.atitle=RBI+buys+200+tonnes+of+gold+from+MF&rft_id=http%3A%2F%2Fwww.thehindubusinessline.com%2F2009%2F11%2F04%2Fstories%2F2009110452340100.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-WB_Doc-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-WB_Doc_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/1991/08/23/000009265_3960930195417/Rendered/PDF/multi0page.pdf">"1991 Country Economic Memorandum"</a> <span class="cs1-format">(PDF)</span>. <i>World Bank</i>. 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Retrieved <span class="nowrap">14 April</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gini+of+wealth+in+India+in+2017+is+at+0.83%2C+which+puts+India+among+countries+with+high+inequality+%E2%80%93&rft.pub=Counterview.org&rft.date=2018-04-04&rft_id=https%3A%2F%2Fcounterview.org%2F2018%2F04%2F04%2Fgini-of-wealth-in-india-in-2017-is-at-0-83-which-puts-india-among-countries-with-high-inequality%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJain2022" class="citation web cs1">Jain, Tejas (31 December 2022). <a rel="nofollow" class="external text" href="https://indianexpress.com/article/india/india-global-index-2022-8339997/#:~:text=Global%20Multidimensional%20Poverty%20Index%3A%20According,per%20cent%20over%20this%20period.">"Poverty to happiness: How India was rated by various global indices in 2022"</a>. <i>The Indian Express</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Indian+Express&rft.atitle=Poverty+to+happiness%3A+How+India+was+rated+by+various+global+indices+in+2022&rft.date=2022-12-31&rft.aulast=Jain&rft.aufirst=Tejas&rft_id=https%3A%2F%2Findianexpress.com%2Farticle%2Findia%2Findia-global-index-2022-8339997%2F%23%3A~%3Atext%3DGlobal%2520Multidimensional%2520Poverty%2520Index%253A%2520According%2Cper%2520cent%2520over%2520this%2520period.&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ourworldindata.org/grapher/life-expectancy">"Life expectancy"</a>. <i>Our World in Data</i><span class="reference-accessdate">. Retrieved <span class="nowrap">22 June</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Our+World+in+Data&rft.atitle=Life+expectancy&rft_id=https%3A%2F%2Fourworldindata.org%2Fgrapher%2Flife-expectancy&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPioneer" class="citation web cs1">Pioneer, The. <a rel="nofollow" class="external text" href="https://www.dailypioneer.com/2021/state-editions/india---s-life-expectancy-rate-less-than-world-s-average.html">"India's life expectancy rate less than world's average"</a>. <i>The Pioneer</i><span class="reference-accessdate">. Retrieved <span class="nowrap">3 January</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Pioneer&rft.atitle=India%E2%80%99s+life+expectancy+rate+less+than+world%27s+average&rft.aulast=Pioneer&rft.aufirst=The&rft_id=https%3A%2F%2Fwww.dailypioneer.com%2F2021%2Fstate-editions%2Findia---s-life-expectancy-rate-less-than-world-s-average.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://unctad.org/publication/tapering-time-conflict-trade-and-development-report-update-march-2022">"Tapering in a time of conflict: Trade and Development Report Update (March 2022)"</a>. <i>UNCTAD</i><span class="reference-accessdate">. Retrieved <span class="nowrap">23 May</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UNCTAD&rft.atitle=Tapering+in+a+time+of+conflict%3A+Trade+and+Development+Report+Update+%28March+2022%29&rft_id=https%3A%2F%2Functad.org%2Fpublication%2Ftapering-time-conflict-trade-and-development-report-update-march-2022&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1991+Indian+economic+crisis" class="Z3988"></span></span> </li> </ol></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output 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.navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises1226" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" 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crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises1226" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_crash_of_1929" title="Wall Street crash of 1929">Wall Street crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" class="mw-redirect" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" class="mw-redirect" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="23x15px&#124;border_&#124;alt=India&#124;link=India_Economy_of_India623" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_India" title="Template:Economy of India"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_India" title="Template talk:Economy of India"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_India" title="Special:EditPage/Template:Economy of India"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="23x15px&#124;border_&#124;alt=India&#124;link=India_Economy_of_India623" style="font-size:114%;margin:0 4em"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/India" title="India"><img alt="India" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Economy_of_India" title="Economy of India">Economy of India</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_companies_of_India" title="List of companies of India">Companies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BSE_SENSEX" title="BSE SENSEX">BSE SENSEX</a></li> <li><a href="/wiki/NIFTY_50" title="NIFTY 50">NIFTY 50</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ministry_of_Finance_(India)" title="Ministry of Finance (India)">Ministry of Finance</a> <ul><li><a href="/wiki/Minister_of_Finance_(India)" title="Minister of Finance (India)">Finance ministers</a></li></ul></li> <li><a href="/wiki/Ministry_of_Commerce_and_Industry_(India)" title="Ministry of Commerce and Industry (India)">Ministry of Commerce and Industry</a></li> <li><a href="/wiki/Finance_Commission" title="Finance Commission">Finance Commission</a></li> <li><a href="/wiki/Economic_Advisory_Council" class="mw-redirect" title="Economic Advisory Council">Economic Advisory Council</a></li> <li><a href="/wiki/Central_Statistics_Office_(India)" title="Central Statistics Office (India)">Central Statistical Office</a></li> <li><a href="/wiki/Securities_and_Exchange_Board_of_India" title="Securities and Exchange Board of India">Securities and Exchange Board of India</a></li> <li><a href="/wiki/Enforcement_Directorate" title="Enforcement Directorate">Enforcement Directorate</a></li> <li><a href="/wiki/External_debt_of_India" title="External debt of India">External debt</a></li> <li><a href="/wiki/Foreign_trade_of_India" title="Foreign trade of India">Foreign trade</a></li> <li><a href="/wiki/Foreign_direct_investment_in_India" title="Foreign direct investment in India">Foreign direct investment</a></li> <li><a href="/wiki/Foreign-exchange_reserves_of_India" title="Foreign-exchange reserves of India">Foreign exchange reserves</a></li> <li><a href="/wiki/Remittances_to_India" title="Remittances to India">Remittances</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">Taxation</a></li> <li><a href="/wiki/Subsidies_in_India" title="Subsidies in India">Subsidies</a></li> <li><a href="/wiki/Industrial_licensing_in_India" title="Industrial licensing in India">Industrial licensing</a></li> <li><a href="/wiki/National_Voluntary_Guidelines_on_Social,_Environmental_and_Economic_Responsibilities_of_Business" title="National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business">Voluntary guidelines</a></li> <li><a href="/wiki/NITI_Aayog" title="NITI Aayog">NITI Aayog</a></li> <li><a href="/wiki/Make_in_India" title="Make in India">Make in India</a></li> <li><a href="/wiki/Atmanirbhar_Bharat" title="Atmanirbhar Bharat">Atmanirbhar Bharat</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Indian_rupee" title="Indian rupee">Indian rupee</a> <ul><li><a href="/wiki/Indian_rupee_sign" title="Indian rupee sign">Sign</a></li> <li><a href="/wiki/History_of_the_rupee" title="History of the rupee">History</a></li> <li><a href="/wiki/Exchange_rate_history_of_the_Indian_rupee" title="Exchange rate history of the Indian rupee">Historical Forex</a></li> <li><a href="/wiki/Digital_rupee" title="Digital rupee">Digital rupee</a></li> <li><a href="/wiki/Coinage_of_India" title="Coinage of India">Coinage</a></li> <li><a href="/wiki/Indian_paisa" title="Indian paisa">Paisa</a></li></ul></li> <li><a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> <ul><li><a href="/wiki/List_of_governors_of_the_Reserve_Bank_of_India" title="List of governors of the Reserve Bank of India">Governor</a></li> <li><a href="/wiki/India_Government_Mint" title="India Government Mint">Mint</a></li></ul></li> <li><a href="/wiki/Inflation_in_India" title="Inflation in India">Inflation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Financial services</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_India" title="Banking in India">Banking</a></li> <li><a href="/wiki/Insurance_in_India" title="Insurance in India">Insurance</a></li> <li><a href="/wiki/Multi_Commodity_Exchange" title="Multi Commodity Exchange">Multi Commodity Exchange</a></li> <li><a href="/wiki/The_Gold_(Control)_Act,_1968" title="The Gold (Control) Act, 1968">Bullion</a></li> <li><a href="/wiki/Indian_black_money" title="Indian black money">Black money</a> <ul><li><a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">Bombay</a></li> <li><a href="/wiki/National_Stock_Exchange_of_India" title="National Stock Exchange of India">National</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_history_of_India" title="Economic history of India">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">COVID-19 impact</a></li> <li><a href="/wiki/Economic_development_in_India" title="Economic development in India">Economic development</a></li> <li><a href="/wiki/Economic_liberalisation_in_India" title="Economic liberalisation in India">Liberalisation</a></li> <li><a href="/wiki/Licence_Raj" title="Licence Raj">Licence Raj</a></li> <li><a href="/wiki/Green_Revolution_in_India" title="Green Revolution in India">Green revolution</a></li> <li><a href="/wiki/List_of_schemes_of_the_government_of_India" title="List of schemes of the government of India">Government initiatives</a></li> <li><a href="/wiki/Indian_numbering_system" title="Indian numbering system">Numbering system</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_Indians_by_net_worth" title="List of Indians by net worth">Billionaires</a></li> <li><a href="/wiki/Demographics_of_India" title="Demographics of India">Demography</a></li> <li><a href="/wiki/Income_in_India" title="Income in India">Income</a> <ul><li><a href="/wiki/Poverty_in_India" title="Poverty in India">Poverty</a></li></ul></li> <li><a href="/wiki/Indian_labour_law" title="Indian labour law">Labour law</a></li> <li><a href="/wiki/Pensions_in_India" title="Pensions in India">Pensions</a> <ul><li><a href="/wiki/Employees%27_Provident_Fund_Organisation" title="Employees' Provident Fund Organisation">EPFO</a></li> <li><a href="/wiki/National_Pension_Scheme" class="mw-redirect" title="National Pension Scheme">NPS</a></li> <li><a href="/wiki/Public_Provident_Fund_(India)" title="Public Provident Fund (India)">PPF</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By state</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Andhra_Pradesh" title="Economy of Andhra Pradesh">Andhra Pradesh</a></li> <li><a href="/wiki/Economy_of_Assam" title="Economy of Assam">Assam</a></li> <li><a href="/wiki/Economy_of_Bihar" title="Economy of Bihar">Bihar</a></li> <li><a href="/wiki/Economy_of_Delhi" title="Economy of Delhi">Delhi</a></li> <li><a href="/wiki/Economy_of_Goa" class="mw-redirect" title="Economy of Goa">Goa</a></li> <li><a href="/wiki/Economy_of_Gujarat" title="Economy of Gujarat">Gujarat</a></li> <li><a href="/wiki/Economy_of_Haryana" title="Economy of Haryana">Haryana</a></li> <li><a href="/wiki/Economy_of_Himachal_Pradesh" title="Economy of Himachal Pradesh">Himachal Pradesh</a></li> <li><a href="/wiki/Economy_of_Jammu_and_Kashmir" class="mw-redirect" title="Economy of Jammu and Kashmir">Jammu and Kashmir</a></li> <li><a href="/wiki/Economy_of_Jharkhand" class="mw-redirect" title="Economy of Jharkhand">Jharkhand</a></li> <li><a href="/wiki/Economy_of_Karnataka" title="Economy of Karnataka">Karnataka</a></li> <li><a href="/wiki/Economy_of_Kerala" title="Economy of Kerala">Kerala</a></li> <li><a href="/wiki/Economy_of_Ladakh" class="mw-redirect" title="Economy of Ladakh">Ladakh</a></li> <li><a href="/wiki/Economy_of_Madhya_Pradesh" title="Economy of Madhya Pradesh">Madhya Pradesh</a></li> <li><a href="/wiki/Economy_of_Maharashtra" title="Economy of Maharashtra">Maharashtra</a></li> <li><a href="/wiki/Economy_of_Mizoram" title="Economy of Mizoram">Mizoram</a></li> <li><a href="/wiki/Economy_of_Odisha" title="Economy of Odisha">Odisha</a></li> <li><a href="/wiki/Economy_of_Punjab,_India" title="Economy of Punjab, India">Punjab</a></li> <li><a href="/wiki/Economy_of_Rajasthan" title="Economy of Rajasthan">Rajasthan</a></li> <li><a href="/wiki/Economy_of_Tamil_Nadu" title="Economy of Tamil Nadu">Tamil Nadu</a></li> <li><a href="/wiki/Economy_of_Telangana" title="Economy of Telangana">Telangana</a></li> <li><a href="/wiki/Economy_of_Uttarakhand" title="Economy of Uttarakhand">Uttarakhand</a></li> <li><a href="/wiki/Economy_of_Uttar_Pradesh" title="Economy of Uttar Pradesh">Uttar Pradesh</a></li> <li><a href="/wiki/Economy_of_West_Bengal" title="Economy of West Bengal">West Bengal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sectors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_India" title="Agriculture in India">Agriculture</a> <ul><li><a href="/wiki/Animal_husbandry_in_India" title="Animal husbandry in India">Livestock</a></li> <li><a href="/wiki/Fishing_in_India" title="Fishing in India">Fishing</a></li></ul></li> <li><a href="/wiki/Automotive_industry_in_India" title="Automotive industry in India">Automotive</a></li> <li><a href="/wiki/Chemical_industry_in_India" title="Chemical industry in India">Chemical</a></li> <li><a href="/wiki/Construction_industry_of_India" title="Construction industry of India">Construction</a></li> <li><a href="/wiki/Defence_industry_of_India" title="Defence industry of India">Defence</a></li> <li><a href="/wiki/Education_in_India" title="Education in India">Education</a></li> <li><a href="/wiki/Energy_in_India" title="Energy in India">Energy</a> <ul><li><a href="/wiki/Electricity_sector_in_India" title="Electricity sector in India">Electricity</a></li> <li><a href="/wiki/Nuclear_power_in_India" title="Nuclear power in India">Nuclear</a></li> <li><a href="/wiki/Oil_and_gas_industry_in_India" title="Oil and gas industry in India">Oil and gas</a></li> <li><a href="/wiki/Solar_power_in_India" title="Solar power in India">Solar</a></li> <li><a href="/wiki/Wind_power_in_India" title="Wind power in India">Wind</a></li></ul></li> <li><a href="/wiki/Electronics_and_semiconductor_manufacturing_industry_in_India" title="Electronics and semiconductor manufacturing industry in India">Electronics and semiconductor</a></li> <li><a href="/wiki/Entertainment_industry_in_India" class="mw-redirect" title="Entertainment industry in India">Entertainment</a></li> <li><a href="/wiki/Forestry_in_India" title="Forestry in India">Forestry</a></li> <li><a href="/wiki/Gambling_in_India" title="Gambling in India">Gambling</a></li> <li><a href="/wiki/Healthcare_in_India" title="Healthcare in India">Healthcare</a></li> <li><a href="/wiki/Information_technology_in_India" title="Information technology in India">Information technology</a></li> <li><a href="/wiki/Media_of_India" class="mw-redirect" title="Media of India">Media</a> <ul><li><a href="/wiki/Cinema_of_India" title="Cinema of India">Cinema</a></li> <li><a href="/wiki/FM_broadcasting_in_India" title="FM broadcasting in India">FM Radio</a></li> <li><a href="/wiki/Television_in_India" title="Television in India">Television</a></li> <li><a href="/wiki/Printing_industry_in_India" title="Printing industry in India">Printing</a></li></ul></li> <li><a href="/wiki/Mining_in_India" title="Mining in India">Mining</a> <ul><li><a href="/wiki/Coal_in_India" title="Coal in India">Coal</a></li> <li><a href="/wiki/Iron_and_steel_industry_in_India" title="Iron and steel industry in India">Iron and Steel</a></li></ul></li> <li><a href="/wiki/Pharmaceutical_industry_in_India" title="Pharmaceutical industry in India">Pharmaceuticals</a></li> <li><a href="/wiki/Pulp_and_paper_industry_in_India" title="Pulp and paper industry in India">Pulp and paper</a></li> <li><a href="/wiki/Retailing_in_India" title="Retailing in India">Retail</a></li> <li><a href="/wiki/Science_and_technology_in_India" title="Science and technology in India">Science and technology</a> <ul><li><a href="/wiki/Biotechnology_in_India" title="Biotechnology in India">Biotechnology</a></li></ul></li> <li><a href="/wiki/Space_industry_of_India" title="Space industry of India">Space</a></li> <li><a href="/wiki/Telecommunications_in_India" title="Telecommunications in India">Telecommunications</a></li> <li><a href="/wiki/Textile_industry_in_India" title="Textile industry in India">Textiles</a></li> <li><a href="/wiki/Tourism_in_India" title="Tourism in India">Tourism</a></li> <li><a href="/wiki/Transport_in_India" title="Transport in India">Transport</a> <ul><li><a href="/wiki/Aviation_in_India" title="Aviation in India">Aviation</a> <ul><li><a href="/wiki/Civil_aviation_in_India" title="Civil aviation in India">Civil</a></li></ul></li> <li><a href="/wiki/List_of_ports_in_India" title="List of ports in India">Ports</a></li> <li><a href="/wiki/Rail_transport_in_India" title="Rail transport in India">Rail</a></li> <li><a href="/wiki/Roads_in_India" title="Roads in India">Roads</a></li></ul></li> <li><a href="/wiki/List_of_electricity_organisations_in_India" title="List of electricity organisations in India">Electricity</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_India" title="Water supply and sanitation in India">Water</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Regulator</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Insurance_Regulatory_and_Development_Authority" title="Insurance Regulatory and Development Authority">IRDAI</a></li> <li><a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">RBI</a></li> <li><a href="/wiki/SEBI" class="mw-redirect" title="SEBI">SEBI</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Board_of_India" title="Insolvency and Bankruptcy Board of India">IBBI</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/National_Company_Law_Tribunal" title="National Company Law Tribunal">NCLT</a> <ul><li><a href="/wiki/National_Company_Law_Appellate_Tribunal" title="National Company Law Appellate Tribunal">NCLAT</a></li></ul></li> <li><a href="/wiki/Board_for_Industrial_and_Financial_Reconstruction" title="Board for Industrial and Financial Reconstruction">BIFR</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Board_of_India" title="Insolvency and Bankruptcy Board of India">IBBI</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code,_2016" title="Insolvency and Bankruptcy Code, 2016">IBC</a></li> <li><a href="/wiki/Securitisation_and_Reconstruction_of_Financial_Assets_and_Enforcement_of_Security_Interest_Act,_2002" title="Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002">SARFESI Act</a></li> <li><a href="/wiki/Income-tax_Act,_1961" class="mw-redirect" title="Income-tax Act, 1961">Income Tax Act</a></li> <li><a href="/wiki/Companies_Act,_2013" class="mw-redirect" title="Companies Act, 2013">Companies Act</a></li> <li><a href="/wiki/Banking_Regulation_Act,_1949" title="Banking Regulation Act, 1949">Banking Act</a></li> <li><a href="/wiki/Insurance_Act,_1938" title="Insurance Act, 1938">Insurance Act</a></li> <li><a href="/wiki/Foreign_Exchange_Management_Act" title="Foreign Exchange Management Act">FEMA</a></li> <li><a href="/wiki/Mumbai_Consensus" title="Mumbai Consensus">Mumbai Consensus</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Economy_of_India" title="Category:Economy of India">Category</a></li> <li><span class="noviewer" 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