Prime Ministers: Charan Singh, Indira Gandhi
Partition, planning, aid consortia and nationalised banks.
Bank Rate
9%
unchanged on 1979
Rupee per dollar
₹7.89
−3.3% on 1979
Inflation
11.35%
+5.07 pts on 1979
GDP growth
6.74%
+11.97 pts on 1979
Reserves
$12,010m
+1.6% on 1979
External debt
$20,723m
+13.9% on 1979
Persian Gulf
India's crude supply from Iraq and Iran disrupted; Gulf war-risk premia added to landed crude cost; risk to Indian workers in the Gulf and their remittances
ReportedPeer-reviewed. Source: Navias & Hooton, Tanker Wars (1996); Strauss Center summary (strausscenter.org)
Slow import liberalisation (as described in the secondary literature I opened)
The Indian and Rajiv Gandhi governments "began pursuing economic liberalisation" as the economy lagged East and South-East Asia; the precise 1980–85 instrument-by-instrument sequence (OGL additions, canalisation changes, tariff bands) is owned by no source I opened
ReportedPress. Source: en.wikipedia.org
Persian Gulf
Highest-value channel for India: oil price volatility, Gulf war-risk marine insurance premia on tanker traffic, and the safety of Indian expatriate workers and remittances in the Gulf; India's non-aligned balancing act between Baghdad and Tehran
ReportedPress. Source: https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq_War
cargo
ReportedPeer-reviewed. Source: [M7] Navias & Hooton, Tanker Wars (1996), via Strauss Center (strausscenter.org)
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| Eurocurrency bank syndicate (not named) | ICICI's second Eurocurrency syndicated loan | repaid | verified | ||
| Non-resident Indians | NRE deposit stock at end-Mar 1980 (FCNR(A) under USD 200 mn) | 850 USD | 850 | verified | |
| IBRD | FY1980 commitments | 125 USD | 125 | amortising | verified |
| IDA | FY1980 commitments | 1,535 USD | 1,535 | amortising | verified |
| IMF | Compensatory Financing Facility | 266 SDR | 330 | repaid | reported |
| IBRD | IBRD commitments in the decade | 14,081 USD | 14,081 | amortising | verified |
| IDA | IDA commitments in the decade | 8,953 USD | 8,953 | amortising | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
