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Here are links to two articles which essentially are summaries of the Political Scene ( read mess) in India 1990 onward for a long time. Some excerpts are reproduced below.
Nations like humans stumble, what matters is how quickly they get back on their feet and learn from their mistakes. One hopes Pakistan gets back on its financial feet soonest.
https://www.thenews.com.pk/print/1079535-the-great-indian-political-circus-part-i
https://www.thenews.com.pk/print/1079944-the-great-indian-political-circus-part-ii
Quote:
The internal debt of the government accumulated to around 50 percent of the GDP. When the Chandrashekhar government was unable to pass the budget, India’s bond rating went tumbling down. Now, the government of India found itself with just one option and that was to pledge a significant portion of its gold reserves to the Bank of England and the Union Bank of Switzerland as collateral to secure foreign exchange as India’s debt obligations demanded.
The Reserve Bank of India airlifted 47 tons of gold to London and 20 tons to Zurich in the last week of May 1991, immediately after the assassination of Rajiv Gandhi.
This is how the Chandrashekhar government managed to prevent default. This gave temporary relief to the Indian economy, and soon elections brought the Indian National Congress to power once again
Unquote
Nations like humans stumble, what matters is how quickly they get back on their feet and learn from their mistakes. One hopes Pakistan gets back on its financial feet soonest.
https://www.thenews.com.pk/print/1079535-the-great-indian-political-circus-part-i
https://www.thenews.com.pk/print/1079944-the-great-indian-political-circus-part-ii
Quote:
The internal debt of the government accumulated to around 50 percent of the GDP. When the Chandrashekhar government was unable to pass the budget, India’s bond rating went tumbling down. Now, the government of India found itself with just one option and that was to pledge a significant portion of its gold reserves to the Bank of England and the Union Bank of Switzerland as collateral to secure foreign exchange as India’s debt obligations demanded.
The Reserve Bank of India airlifted 47 tons of gold to London and 20 tons to Zurich in the last week of May 1991, immediately after the assassination of Rajiv Gandhi.
This is how the Chandrashekhar government managed to prevent default. This gave temporary relief to the Indian economy, and soon elections brought the Indian National Congress to power once again
Unquote
