Former PM Dr Manmohan Singh passes away! #shorts #economy #drmanmohansingh #gk #manmohansingh

Renowned economist and former Prime Minister Dr.

Manmohan Singh died on Thursday. He breathed his last at the age of 92 in AIIMS, Delhi. As Finance Minister, Manmohan Singh presented the historic budget of 1991 which changed the direction and condition of the Indian economy forever.

#shorts #drmanmohansingh #manmohansingh #economy #gk #gkinhindi #india #informative #bpsc #ssc

In fact, in 1991, India's foreign exchange reserves had shrunk to only $1.2 billion. This reserve was sufficient for only three weeks of imports. The Gulf War led to a rise in crude oil prices, which further increased the pressure of imports on India. India had taken huge loans from various international institutions, for which there was no foreign exchange left to repay.

Decision to mortgage gold
The policies of the 1980s had pushed India into debt and high fiscal deficit. Under the leadership of then Prime Minister P.V. Narasimha Rao, Dr. Manmohan Singh took a bold decision as Finance Minister. India mortgaged 67 tonnes of gold in the international market. This gold was sent to Switzerland and the Bank of England.

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