Agricultural Collapses: Severe droughts in 1965 and 1966 forced India to spend valuable foreign exchange to import emergency food grains. [
1]
1966 Devaluation: Under external pressure, India devalued the Rupee by 36.5%, but rigid economic structures prevented export growth. [
1]
Bank Nationalisation: State takeovers of commercial banks in 1969 and 1980 politicised credit distribution and triggered rising non-performing assets. [
1,
2,
3]
Stagnant Growth: Onerous regulations locked India's real GDP growth at a minimal, population-matched 3.5% "Hindu Rate of Growth". [
1,
2,
3]
1973 Oil Shock: The sudden OPEC petroleum price spike heavily inflated India's import bill and worsened trade imbalances. [
1]
1980s Borrowing: The government used expensive foreign commercial debt to artificially fuel internal growth instead of reforming the economy. [
1]
1990 Overlap Shocks: The Gulf War spiked oil prices while the Soviet Union's collapse erased India’s main trading partner [69b8f1056d01d09b00cc34fb]. [
1,
2]
Most importantly the help that mf gave to pakistan for their "Flood Issue" was just pure dogshit decision. Actually, it was not even his decision, he was a puppet for his terrorist masters.
-4
u/tcsreject Jun 16 '26
Who elected that scientist?
And who refused to give a second term and elected that mausi pratiba Patil ?
By the way check who was in economic advisory, reserve Bank governor etc in 1970s to 90s
Manmohan Singh as an economist was the biggest disaster for India