Tuesday, 6 October 2026 · New Delhi
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Post-Independence India
1991: The Year India Pawned Its Gold and Freed Its Economy
In 1991, India's forex reserves crashed to about $1 billion and gold was pledged abroad. Weeks later, Rao and Manmohan Singh launched the LPG reforms that ended the Licence Raj. This is the full story of the crisis and the cure.
27 September 2026 · 28 min read
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