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this post was submitted on 03 Jan 2024
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GenZedong
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INR in itself shouldn't be terrible at least as part of a currency mix, my understanding was the rupees used to pay Russia were blocked currency and only usable for Indian exports, which Russia has only limited use for.
Correct, INR is a dead currency for Russia. Because Russia needs good amount of automobiles, high grade finished products which India has none.
After liberalization destroyed the little industry India had developed during state capitalism we basically had nothing to offer the world except for cheap software engineers.
When was this liberalization?
1991
https://en.wikipedia.org/wiki/1991_Indian_economic_crisis
this is rough
Liberalization was around August I believe so the crisis you linked wasn't a direct result of the liberalization. Its evils took a while to accumulate, but I know family members whose former prosperous factory cities have become ghost towns due to deindustrialization after the License Raj ended.