How did Chandra Shekhar's government avoid a payment default?
Loan from USSR
Austerity Measures
Mortgaging Gold
Printing More Currency
Answer
Mortgaging gold was a creative solution employed by Chandra Shekhar's government to avert a looming payment default crisis. This strategy involved pledging a portion of India's gold reserves as collateral to secure loans from international financial institutions. By doing so, the government was able to raise the necessary funds to meet its immediate financial obligations and stabilize the country's economy.
Chandra Shekhar: Behind the Legacy - Test Your Knowledge about India's 8th Prime Minister
More Questions
What was controversial about the gold mortgaging incident?
Whose government stopped their assistance to India at this time?
Which minister mortgaged gold reserves allegedly without proper authorization?
Which tragic event happened during Chandra Shekhar’s tenure?
During which conflict did he allow US military planes to refuel in India?
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