India's Balance of Payment Crisis and Its Impact

INDIA'S BALANCE OF PAYMENT CRISIS AND IT'S IMPACT
CHAPTER 1. INTRODUCTION
The crisis of 1990 led to an unprecedented crisis in the balance of payments. The balance of payments crisis reached its peak in the summer of 1991 when the foreign currency reserves had fallen to almost $1 billion, inflation had risen to an annual rate of 17 percent, industrial production was falling and overall economic growth had declined to 1.1 percent in 1991-92. The payments crisis became evident in 1990-91 when the oil prices increased due to the Gulf War. This resulted in worsening of current accounts deficit which increased to 3.2% of GDP in 1990-91. There was also a deterioration in the invisible account because of lower remittances and higher interest payments. Foreign exchange reserves started to decline from September 1990. They declined from Rs.5480 crores ($3.1 billion) in August 1990 to Rs. 1666 crores (896 million) in January 1991. During this period the Government had to take recourse to IMF to overcome the balance of payments difficulties. The main factor responsible for the sharp fall in reserves was the sharp rise in the imports of POL petroleum, oil and lubricants (POL). However, the payments crisis of 1990-91 was not simply due to deterioration on the trade account, it was accompanied by other adverse developments on the capital account reflecting the loss at home, coupled governments ability to manage the situation. Political uncertainty at home, coupled with rising inflation and widening fiscal deficits, led to a loss of international confidence.
1
Indias recourse to the commercial borrowings totally dried up as the credit rating agencies downgraded India. Simultaneously, there began an outflow of non-resident Indian deposits. In addition there were serious difficulties in the rolling over of short term credit, which was roughly of the order of $5 billion. While current account deficit of the order of $8 billion was easily financed in 1988-89, a deficit of $9.7 billion in 1990-91 became almost impossible to finance. India has emerged stronger in its external payments position at the end of the first decade of liberalisation and structural reforms that have transformed the countrys standing in the world economy. The 1991 balance of payments crisis was turned into an opportunity by Government to re-set the directions of the economy to become outwardoriented and move closer to integration with the world economy. The reforms covered trade and industrial policies, the exchange rate, tax and foreign investment policies and the banking system. The launching of a truly liberalised trade regime, with a two-step devaluation of the rupee in 1991 leading later to market-determined exchange rate, and the ushering in of a conducive climate for foreign investment inflows, have had a dramatic impact on the countrys external transactions.
CHAPTER 2. REVIEW OF LITERATURE
Reserve Bank of India defines Balance of payment as The balance of payments of a country is a systematic record of all economic transactions between the residents of a country and the rest of the world. It presents a classified record of all receipts on account of goods exported, services rendered and capital received by residents and payments made by them on account of goods imported and services received and capital transferred to non-residents or foreigners. According to author Annie kruegar "Balance of payment is an accounting record of all monetary transactions of a country with rest of the world which includes payments for exports and imports of goods, services, capital and financial transfers for a specific period, usually a year, and is prepared in a single currency, typically the domestic currency for the country concerned".
Author Arwind Wirmani defines "BOP as a system of recording all of a country's economic transactions with the rest of the world over a period of one year a favorable balance of payments exists when more payments are coming in than going out".
CHAPTER 3. BALANCE OF PAYMENT STSTEM

The Balance of Payments (BOP) is one of the oldest and most important statistical statements for any country. It is a systematic record of all economic transactions between the residents of one country and the residents of the rest of the world in a year. Since we merely record all receipts and payments in international transactions using double entry system, the balance of payments always balance in an accounting sense.
DEFINITION
Balance of payments is an accounting record of all monetary transactions of a country with rest of the world which includes payments for exports and imports of goods, services, capital and financial transfers for a specific period, usually a year, and is prepared in a single currency, typically the domestic currency for the country concerned. [1]The transactions are presented in the form of double-entry book keeping. Reserve Bank of India defines Balance of payment as The balance of payments of a country is a systematic record of all economic transactions between the residents of a country and the rest of the world. It presents a classified record of all receipts on account of goods exported, services rendered and capital received by residents and payments made by them on account of goods imported and services received and capital transferred to non-residents or foreigners.
4
Deficits & Surplus
Exports and receipts of loans and investments are recorded as surplus items. Imports or funds used to invest in foreign countries are recorded as deficit items. Generally surplus is recorded as positive and deficit is expressed as negative. A negative balance of payments means that more money is flowing out of the country than coming in, and vice versa. A BOP surplus means a nation has more funds coming in than it pays out to other countries from trade and investments, which results in appreciation of its national currency versus currencies of other nations. A deficit in the balance of payments has the opposite effect: an excess of imports over exports, a dependence on foreign investors, and an overvalued currency. Countries experiencing a payments deficit must make up the difference by exporting gold or Hard Currency reserves, such as the U.S. Dollar, that are accepted currencies for settlement of international debts.
COMPONENTS OF BOP
The Balance of Payment account is horizontally divided into Current account, Capital account and Reserve account. Current account :This account is the summary of all international trade transactions of the domestic country in one year. It is divided into: Balance of Trade account: On the Credit side of Balance of Trade account Receipt of Foreign Exchange due to export of visible goods is recorded and on the debit side of payment of Foreign Exchange due to import of visible goods is recorded. On the Debit side of the Balance of Trade account Receipt of Foreign Exchange due to export of all types of services is recorded and on the Debit side payment of Foreign Exchange due to import of all types of services is recorded.
Capital Account Balance:This account is the summary of Foreign Capital transcations. On the credit side of this account receipt of Foreign Exchange due to Foreign Direct Investment (FDI) Foreign Capital Investment and Foreign Borrowing (FB) is recorded. On the Debit side of the Capital Account payment of Foreign Exchange due to Direct Investment Abroad (DIA), Portfolio Investment Abroad (PIA) and Foreign Lending (FC) is recorded.
Reserves Account Balance: This is the adjusting account in Balance of Payment. It makes an adjustment between Current Account Balance and Capital Account Balance. If the deficit in the Current Account is followed by surplus in Capital Account then the excess Foreign Exchange is diverted from Capital Account to Current Account so that deficit in the Current Account is eliminated. The remaining surplus in the Capital Account is transferred to the Reserve Account and recorded on the Credit of Reserve Account Therefore both Current and Capital Account is always Balanced. It means that in the Accounting principle Balance of Payment is always balanced. The Reserve Account is also indicator of Forex Reserves of the country if surplus in the Capital Account is more than deficit in the Current Account, there is net increase in the Forex Reserves of the country at the end of the year. On the other hand if deficit in the Current Account is more than surplus in the Capital Account there is net decrease in the Foreign Reserves of the country at the end of the year.
CHAPTER 4. PRE-CRISIS PERIOD(1980-89)

Indian Economy was in a growth mode in the 1980s. From FY 1980 to FY 1989, the economy grew at an annual rate of 5.5 percent, or 3.3 percent on a per capita basis. Industry grew at an annual rate of 6.6 percent and agriculture at a rate of 3.6 percent. A high rate of investment was a major factor in improved economic growth. Investment went from about 19 percent of GDP in the early 1970s to nearly 25 percent in the early 1980s. India, however, required a higher rate of investment to attain comparable economic growth than did most other low-income developing countries, indicating a lower rate of return on investments.
Private savings financed most of India's investment, but by the mid1980s further growth in private savings was difficult because they were already at quite a high level. As a result, during the late 1980s India relied increasingly on borrowing from foreign countries.
ECONOMIC POLICIES DURING 1980-89
Protectionist Policies: The Government had a defined objective of attaining self reliance through industrialization, i.e. Import substitution and export promotion. Basic Industries had to be set up which required capital goods imports and an enormous amount of funding. The objective of import substitution was attempted to be realized through various non price, physical interventionist policies like licensing, quotas, tariffs etc. This actually was only effective in case of substitution of consumer goods while the capital goods industries were still import intensive.
The high degree of protection to Indian industries actually resulted in shutting off them from competition and thus poor quality production and inefficiencies were too common. The high cost of production due to inadequate technical knowhow further aggravated the situation. All this led to an eventual decline in the exports and a widened trade deficit of the country along with a heavy debt burden.
External Debt: India had a very limited resource base due to lower per capita income and savings. The Government resorted to heavy foreign borrowing for the developmental efforts and also to correct the BoP situation in the short run. The debt service obligations grew enormously due to changes in exchange rates and repayments to the IMF along with a loss of credit confidence on India which led to harder average terms of external debt and fall in concessional aid flow. The external debt of India doubled from 1984-85 ($35 bn) to 1990-91 ($69 bn). It is also evident from the graph below that the external debt kept on rising from the early 1980s towards the end of the decade. The investor confidence declined rapidly due to the economic situation of India and hence it resulted in the outflows being increasingly dependent on short term external debts. The gulf crisis which occurred in the early 1990 along with the existence of an unstable government at the centre further aggravated the situation. There was increasingly an adverse impression globally about Indias creditworthiness.
10
Export promotion: Indian exports were mainly constituted of primary products, the prices of which fluctuated heavily with the fluctuations in the global market demand. The earnings from such primary products were relatively low and the primary product exporting countries were always put in unfavorable terms of trade. The quality of Indian products was another area of concern due to which the exports were lagging behind expectations. Further, the licensing and other disruptive policies were proving cumbersome for exporters and hence dis-incentivised them from export promotion.
11
Exchange Rate:
The instability in exchange rate also posed a great threat to economic stability of India. The constant devaluations of the rupee increased the amount of external debt. It was also a cause of concern for the export and import areas, also led to flourishing of hawala trade due to the strict for-ex controls in the market. The inflation rates remained higher towards the end of the decade and hence it was imminent on the central bank to change the exchange rates accordingly
12
CHAPTER 5. REASON FOR BALANCE OF PAYMENT CRISIS

Break up of the Soviet Union The Soviet Union had been one of the largest export markets for India prior to its breakup in India. The Soviet breakup therefore negatively affected Indias precarious trade balance, which slipped further into red.
The Gulf war Current account deficit averaging 2.2% of the GDP hit hard by the Gulf war .The Gulf war began in August 1990 with Iraqs Invasion of Kuwait. Both Iraq and Kuwait were among the largest suppliers of oil to India, especially Iraq with whom India had long term arrangements .Due to the war many of these long term contracts were hit, which forced the government to buy from the spot market at high prices resulting in the oil bill ballooning to $2 billion in the latter half of 1990. Fall in remittances The Gulf war also caused many Indian workers working in Kuwait and Iraq to return, resulting in a fall in remittances. This was significant since NRI remittances had been an important source of inflows to the country throughout the eighties thus reducing the severity of the balance
13
of payments. The situation was further aggravated further with the government having to airlift Indian residents in Kuwait.
Political uncertainty The period between1990-91 was marked with high political uncertainty at the central level with the country seeing three successive government changes. This reduced the focus of the government on the looming economic crisis as there was no clear policy to deal with the unexpected situation. When a stable majority government did was setup in 1991, it was a little too late as the damage had been done.
THE CRISIS The rapid loss of foreign exchange reserves had prompted the government to take steps to reduce the trade deficit, by restricting the imports .In October 1990; the RBI imposed a cash margin of 25percent on all imports other than capital goods. Capital goods imports were allowed only with foreign sources of credit. Along with increases in custom duties, the above mentioned policies had the desired impact of controlling the imports, which started falling in the latter half of 1991. By late of 1991, the decline of imports had reached a stage where it was starting to affect the domestic production, which started declining (as shown). Hence any further measured in this direction was ruled out.
14
CHAPTER 6. REFORMS MADE TO REDUCE BOP CRISIS

India adopted a more cautious approach to reforms and liberalization than most of the other emerging economies. The reforms program was undertaken in the face of a balance of payments crisis which forced the country to seek IMF financial assistance. To impart inherent competitive strength to the industrial economy, a program of structural reforms of trade, industrial and public sector policies was also initiated The objective was to evolve an industrial and trade policy framework would promote efficiency, reduce bias in favor of excessive capitalintensity and encourage an employment-oriented form of
industrialization. The four major steps taken by the government to address the balance of payments and structural rigidities are discussed below:
Fiscal Correction The stabilization effort was the effort to restore fiscal discipline. Balance of payments and the persistent inflationary pressure were the result of large budgetary fiscal deficits year after year.
15
1) Budget deficit reached Rs. 10,992 crore in 1989-90 and Rs. 10,772 crore in 1990-91 2) Reversal of the trend of fiscal expansion was necessary to restore balance in the economy 3) Budget projected a sharp decline in the budget deficit to Rs. 7719 corer in 1991-92 4) Fiscal deficit which represents the overall resource gap of the government, projected a decline from Rs. 43,331 crore in 1990-91 to Rs. 37,772 in 1991-92 These improvements in the fiscal performance was mainly due to the decision to abolish export subsidies to increase fertilizer prices and to keep non-plan expenditure in check
Trade policy Reforms New initiatives were undertaken in trade policy that created an environment which would stimulate the exports and at the same time reduce the degree of regulation and licensing control on the foreign trade. The exchange rate was adjusted to 18% in the value of the rupee to stimulate exports
16
The important trade policies introduced in 1991-92 is. Administered licensing of imports was replaced by import entitlements linked with export earning Import entitlements renamed as EximScrips, were freely tradeable and attracted a premium in the market. For exports at a uniform rate if 30% of Eximscrips was made applicable. The advanced licensing system for exports was simplified so as to improve exporters access to imported inputs at duty-free rates Permission was granted to import capital goods without clearance from the indigenous availability angle provided this import was covered by foreign equity or was up to 25% of the value of plant and machinery, subject to a maximum of Rs. 2 crore Trading houses were permitted a large range of imports including 51% in foreign equity Scope of canalization of both exports and imports was narrowed.
Industrial Policy Reforms To provide greater competitive stimulus to the domestic industry, a series of reforms were introduced in Industrial Policy. This policy reforms should be seen as being complementary to those undertaken in trade and fiscal policies and in the management of exchange rate and the financial sector. The central elements of this reform were as follows:
17
Industrial licensing was abolished for all projects except 18 industries where strategic or environmental concerns are paramount or where the industries produce goods with exceptionally high import content. The MRTP Act was amended to eliminate the need for prior approval by large companies for capacity expansion and diversification Areas reserved for the public sector was narrowed down, and greater participation by private sector was permitted in core and basic industries. Government clearance for the location of projects was dispensed with except in the case of 23 cities with a population of more than one million Small scale industries were given an option to offer 24% of their share-holding to large scale and other industrial undertaking
Along with industrial policy reforms, steps were taken to facilitate the inflow of direct foreign Investments. The following measures were taken in this context: Limit of foreign equity holdings was raised from 40% to 51% in a wide range of priority. The procedure for investment in non-priority industries have been streamlined
18
Technology imports for priority industries was automatically approved for royalty payments up to 5% of domestic sales and 8% of export sales or for lump sum payments of Rs. 1crore
Public Sector Reforms To enable the public sector to work efficiently, the public sector units have to be given the greatest autonomy in their operations. These were the measures undertaken:
Government undertook a limited disinvestment of a part of public sector equity to the public through financial institutions and mutual funds in order to raise non-inflationary finance for development.
Government amended the Sick Industrial Companies Act to bring public sector undertaking also within its purview.
19
CHAPTER 7. IMPACT OF THE REFORMS

Impacts Balance of Payments: 1992-93 Foreign exchange reserves had been building up to respectable level of $5.63 billion from a low of $1.29 billion at the end of July 2001. Introduction to LERMS( Liberalized exchange rate management system) Mobilization of external assistance from IMF, World Bank , ADB and Bilateral donors to support the BOP Despite the increase in imports to more normal levels during 1992-93, it has been possible to manage the BOP with the stable exchange rate and comfortable foreign exchange reserves throughout the year.
20
Introduction to LERMS (Liberalized exchange rate management system)
Liberalized
exchange rate
management system (LERMS)
was
introduced in March 1992.As a result of this system, foreign exchange market in India effectively became a dual exchange rate system, with a direct exchange rate system in force, one official rate for select government and private transactions and the market-determined rate for the others. But this system were in existence for not more than an year, In March 1993 this system was abolished and again single exchange rate mechanism system came into the market.
Main features of Liberalized Exchange Control Management System are as follows: The exchange rates of the domestic currency i.e. rupee are determined on the basis of demand and supply. Free market rates are worked upon by authorized dealers (ADs). Like any other market prices, the variations between the exchange rates of both types, i.e. spot and forward can take place within a day or between days or months or on the basis of terms.
21
The commercial transactions in Balance of Payments i.e. Current account and capital account are taken at the free-market driven rates, whether on government account or the private one. Full convertibility was not applicable to the invisible trade. All inward remittances and export proceeds need to be surrendered with a 156% retention option in a foreign currency account with Authorized dealers. The medium of currency exchange i.e. intervention currency continued to be U.S. dollar, which the Reserve Bank can buy and sell .This route was used to provide temporary stabilization in the exchange markets. Depending on the market pressure. The 2 way quotes of the US dollar can vary several times in a day. The Reserve Bank will not generally buy or sell any other currency, either spot or forward; rather will take swap transactions with the Authorized dealers. The swap involves the Reserve Bank by performing exchange i.e. buying the U.S. Dollar spot and selling forward simultaneously at one time months. for delivery in two to six
22
The RBI will be selling US Dollars to Authorized dealers at the market rate, for debt payments on Government Account and other payments. For performing trade with Russian Republics, where the invoice is in freely convertible currency the other one i.e. market related exchange rate inapplicable. Transactions routed through ACU arrangement (except those that were settled in the Indian rupee) will be based on Reserve Banks rate for ACU currencies and for the AMU i.e. Asian Monetary Unit. Treated current and capital transactions in different ways. Decision to permit gold imports was linked to LERMS
23
Effects of Liberalization: Balance of Payments Surplus: External sector - growth rates moved up to 11 and 20% in the two years ended March 2001.India successfully withstood the sharp rise in international oil prices since the closing months of 1999. NRI deposits with the banking system in India on the rise from 13 billion dollars in 1991-92 to 23.8 billion dollars by March 2001 BOP recorded an overall surplus consecutively for five years from 1996-97 Indias foreign exchange reserves, 1 billion in 1990 reached $ 40 billion the average annual addition being 4.5 billion dollars Net inflow on invisible account has continued to be a major support to the balance of payments. Invisible receipts have shown extreme growth, reaching US $ 23.0 billion in 1997-98. Private transfer receipts increased by 25 per cent per annum i.e. from U.S. $ 3.9 billion in 1992-93 to U.S. $ 11.9 billion in 1997-98. Capital account in the balance of payments had shown an impressive surplus of U.S. $ 10.4 billion in 1997-98. Foreign direct investment (FDI), which had increased by 18.6 per cent in 1997-98, has fallen by 38 per cent in April-December 1998.
24
Portfolio investment continued to decline from U.S. $ 3.3 billion in 1996-97 to U.S. $ 1.8 billion in 1997-98, to an outflow of $ 0.7 billion in April-December 1998.The reason behind this decline was result of contagion from the East Asian crisis that has affected all emerging & developed markets. The Resurgent India Bonds (RIB) scheme launched in 1998 was open to both NRIs/OCBs. Net inflows under NRI deposits declined from U.S. $ 3.3 billion in 1996-97 to U.S. $ 1.1 billion in 1997-98. External Commercial Borrowing (ECB) has been placed at US $ 3.8 billion compared to U.S. $ 8.7 billion in 1997-98. Disbursements have declined more sharply from $ 4 billion in April-September 1997-98 to US $ 1.6 billion in the first half of 1998-99. The reason was the relative unattractiveness of ECB from the borrowers perspective.
25
Trade and Investments:

The trade deficit has increased from 3.7 per cent of GDP in 1996-97 to 3.9 per cent in 1997-98, despite the sharp decline in import growth. This accounts to deceleration in export growth, which continued for the third year in succession in 1998-99. Export growth, in BOP terms, slowed from 5.6 per cent in US dollar terms in 199697 to 2.1 per cent in 1997-98 Import growth in the advanced & developed economies, which were Indias major trading partners has decelerated from 18.2 per cent in 1995 to 3.7 per cent in 1996 and to 2.5 per cent in 1997. Reduction in the export prices of major items of manufactured goods. Total imports, on BOP basis, increased by 4.4 per cent to US$ 51.1 billion in 1997-98 compared to 12.1 per cent growth in 1996-97, while the non-oil imports, excluding gold and silver, grew by only 5 per cent in 1997-98. Slowdown in global growth and international trade has led to the introduction of protectionist measures in some countries.
26
DEVELOPMENTS MADE IN THE NEXT DECADE( 19912001):

Some of the major developments are outlined as follows: Acceleration of GDP growth to 6.7 per cent in the period 1992-97 was the highest India had ever achieved over a five year period. Sum of external current payments and receipts as a ratio to gross domestic product (GDP) doubled from about 19% in 199091 to around 40% by March 2001 Manufacturing achieved average real growth of 11.3 per cent in the four years 1993-94 to 1996-97 Export growth in dollar terms averaged 20 per cent in the three years 1994 1996 and the rates of aggregate savings and investment in the economy peaked in 1995-96 Private Investments showed a high growth of 16.34 % per annum during 1992-96. Real fixed investment rose by nearly 40 %, led by a more than 50 % increase in industrial investments.
27
Declined in the external commercial borrowings in the year 1992. Certain steps have been taken in the following years to overcome this deficit. Some of them are as follows: Year: 1993-94: Result of a conscious government policy to maintain a strict control over external indebtness and resulted favorably in improving the credit rating of India by international agencies. Year:1994-95:Some private sector power and petroleum companies finalizing their financing packages Year: 1995-96: Large demand for borrowing with projects in petroleum, oil exploration and telecommunications. PMU: Project Management Unit was introduced, as part of the department of Economic Affairs to monitor, supervise and strengthen various projects. In 1994-95 Government of India has decided not to approach IMF for medium term funds. Advance release of funds to state governments.
28
CHAPTER 8. CONCLUSION
The balance of payments crisis had become overwhelmingly a crisis of confidence, i.e. a crisis of confidence in the governments ability to manage the balance of payments. A default on payments had become a serious possibility in June 1991 for the first time in the Indian history. A default is essentially a failure to repay debts, but its ramifications are never confined to debt. A default in payments inevitably leads to a breakdown in credit availability and normal payments arrangements. Suppliers become reluctant to sell goods and services and insist on advance payments through banks of their own country. This leads to severe trade disruptions which in turn forces severe and prolonged import compression and results in shortages, industrial dislocation, and severe unemployment and high inflation. The new government of Mr. P. V. Narshima Rao which assumed office in June 1991 acted swiftly and took measures which relied on a combination of macroeconomic stabilization and structural reforms in industrial and trade policies. The exchange rate was also adjusted downwards. As a result of these policy reforms and successful mobilization of exceptional financing, the balance of payments position slowly stabilized during 1991-92.
29
The increase in foreign exchange reserves combined with stabilization and structural reforms restored international confidence. With the sharp decline in the absolute level of imports, 1991-92 ended with a current account deficit of less than one percent of GDP.
The reforms covered trade and industrial policies, the exchange rate, tax and foreign investment policies and the banking system. The launching of a truly liberalised trade regime, with a two-step devaluation of the rupee in 1991 leading later to market-determined exchange rate, and the ushering in of a conducive climate for foreign investment inflows, have had a dramatic impact on the countrys external transactions.
30
CHAPTER 9. SUGGESTIONS
A common feature in a balance-of-payments crisis is the imposition of restrictions on capital outflows to limit losses of foreign exchange reserves. These restrictions can be imposed either permanently or on a temporary basis after significant losses of foreign reserves. difficulties. The repeated use of temporary restrictions may affect their effectiveness. An upwards shift in the value of a nation's currency relative to others will make a nation's exports less competitive and make imports cheaper and so will tend to correct a current account surplus. It also tends to make investment flows into the capital account less attractive so will help with a surplus there too. Exchange rates can be adjusted by government in a rules based or managed currency regime, and when left to float freely in the market they also tend to change in the direction that will restore balance. When a country is selling more than it imports, the demand for its currency will tend to increase as other countries ultimately need the selling country's currency to make payments for the exports. Many reform measures has to be undertaken to reduce the bop crisis. Export should be increased and import should be decreased.
In order to increase the foreign exchange reserve, trade restriction should be

removed . this will help in smooth flow of currency.
31
CHAPTER 10. BIBLIOGRAPHY
BOOKS Indias 1990-91 Crisis: Reforms, Myths And Paradoxes-Arvind Virmani Indian Economy -Mukesh Trehan Economic Reforms In India -Ravi Shankar
WEBLIOGRAPHY
http://www.imf.org/external/np/exr/facts/crises.htm http://indianblogger.com/indias-balance-of-payments-part-i/ http://www.uoit.ca/sas/Macroeconomic%20Issues/What1991CrisisIndia.pdf http://www.vikalpa.com/pdf/articles/1991/1991_july_sep_47_53.pdf http://www.financialexpress.com/old/fe20010702/an1.htm
32

India's Balance of Payment Crisis and Its Impact

Enviado por

Dados do documento

Descrição original:

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

India's Balance of Payment Crisis and Its Impact

Enviado por

Direitos autorais:

Formatos disponíveis

INDIA'S BALANCE OF PAYMENT CRISIS AND IT'S IMPACT