India's Financial Crisis

India went on a spending spree and doled out agricultural subsidies. We weren't earning all that much because we didn't export a lot. Our external debt nearly doubled, from 35 billion dollars in 19 85 to 70billion dollars in 19 90. In 19 90, irak invaded cuet and oil prices went through the roof. The sins of the past had also caught up with India. When peve narsimara was about to assume office as india's new prime minister in july 19 91, it would be trial by fire.