Balance of Payments Crisis — Mains Questions

Analyze the causes and consequences of India's Balance of Payments Crisis of 1991. How did this crisis become a catalyst for economic liberalization in India?

Evaluate the role of international financial institutions in resolving India's 1991 Balance of Payments Crisis. Were the conditionalities imposed justified?

Compare India's response to the 1991 Balance of Payments Crisis with its management of the 2008 Global Financial Crisis. What lessons from 1991 helped India navigate the 2008 crisis better?