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History Ancient India
Question 311 / 430
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HIS-211
In the context of India's economic history, what was the primary cause of the severe Balance of Payments (BoP) crisis of 1991 that forced India to adopt LPG (Liberalization, Privatization, Globalization) reforms?
A. The sudden crash of the global IT sector.
B. A combination of massive fiscal deficits, a sharp rise in oil prices due to the Gulf War, and the collapse of the Soviet Union (a major trade partner).
C. The imposition of severe trade sanctions by the USA following India's nuclear tests.
D. A decade-long drought that decimated agricultural exports.
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