please give me any four reforms and their easy two line contributions
Answers
Key movements of the time fought for women's suffrage, limits on child labor, abolition, temperance, and prison reform. Explore key reform movements of the 1800s with this curated collection of classroom resources.
Explanation:
After years of mismanagement and living beyond one’s means, it was payback time. The government had been spending more than its revenues (fiscal deficit) and the country importing more than exporting (current account deficit). A sharp rise in crude prices, triggered by the oil shock of 1990-91, meant India was suddenly paying more for fuel while its exports to the region slowed to a trickle.
India’s forex reserves started depleting at a fast clip as it was suddenly forced to pay much more for its imports. By June 1991, India had less than $1 billion foreign reserves, just about enough dollars to meet about three weeks of imports, even after substantial borrowing from the IMF earlier in the year. By July, when PV Narasimha Rao had just taken charge as prime minister, it looked like India would default on its international debt obligations.
Which is when... ...push came to shove. India did not have enough forex to conduct business with the rest of the world. But it was actually an acute crisis of confidence. Anyone interacting with the country lost faith in the government to manage the huge macroeconomic imbalance of high fiscal and current account deficit and double digit- inflation.