The Age Of Stars

Withdrawal of export entitlements and near-stoppage of multilateral lending

The V.P. Singh and Chandra Shekhar governments could not present a Budget; from March-April 1991 the IMF and…

The V.P. Singh and Chandra Shekhar governments could not present a Budget; from March-April 1991 the IMF and World Bank withheld new lending, and bilateral assistance dried up, forcing the July 1991 changes

ReportedPress. Source: indianexpress.com

Persian Gulf

Iraq invades Kuwait; Gulf War (Desert Storm 1991-01-17~1991-02-28)

Oil price spike (Brent roughly doubled Jul→Oct 1990); ~170,000 Indians evacuated from Kuwait/Iraq (Air India airlift via Amman); lost Kuwait/Iraq remittances and exports; the Chandra Shekhar government's refuelling permission for US aircraft became a domestic controversy. A direct trigger of the 1991 BoP crisis (see FLASHPOINT)

ReportedOfficial record. Source: RBI Annual Report 1990-91; MEA records; IMF 1991 SBA documents

South Asia, Sri Lanka

IPKF withdrawal completed, March 1990

End of an off-budget military commitment; withdrawal ordered by President Premadasa and accelerated under the V. P. Singh government

ReportedPress. Source: https://en.wikipedia.org/wiki/Indian_Peace_Keeping_Force

West Asia, Kuwait/Iraq

Iraqi invasion of Kuwait; Gulf War follows

The defining external shock behind the 1991 BoP crisis: an oil import price spike plus the loss of Kuwait/Iraq remittances

ReportedPress. Source: en.wikipedia.org

West Asia, Kuwait/Jordan

Airlift of Indians from Kuwait

170,000+ Indians evacuated; 488 Air India flights plus Indian Airlines, Amman–Bombay (4,117 km), over 63 days, the world's largest civilian airlift. Direct state cost, plus the household-income shock of lost Gulf remittances, the single largest hit to India's invisible earnings in 1990-91

ReportedPress. Source: en.wikipedia.org

West Asia

Persian Gulf War / Operation Desert Storm, and the associated war-risk insurance regime in the…

Oil-price spike (see ENERGY, other slice), war-risk hull and cargo premia quoted in London (see MARINE_INSURANCE, other slice), shipping diversion and higher freight on India's Gulf lanes

ReportedPress. Source: en.wikipedia.org

all (hull)

Persian Gulf, most Gulf ports

0.025 % of hull value

ReportedPeer-reviewed. Source: [M7] Strauss Center (no original cited)

cargo

Persian Gulf

ReportedPeer-reviewed. Source: [M7] Strauss Center (no original cited)