Why did the Indira Gandhi Government decide to devalue the Indian Rupee in 1967? What was its result?
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Indira Gandhi government devalued Indian rupee to check economic crisis of 1967. Consequently, one US dollar could be purchased for less than 5 after devaluation, it cost more than 7. 1. The economic situation triggered a price rise. 2. People started a protest against the increase in prices of essential commodities and unemployment etc. 3. The Communist and Socialist parties launched struggle to avail greater equality.
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