India’s 1991 gold pledge remains one of the clearest examples of how a financial crisis reshaped the country’s economic direction. The episode matters again in 2026 as India holds larger foreign exchange and gold reserves, signaling preparation rather than panic. India’s 1991 gold pledge and the Gulf shock India’s balance-of-payments crisis deepened after Iraq invaded Kuwait on Thursday, August 2, 1990, triggering a Gulf crisis that added pressur
India’s 1991 gold pledge remains one of the clearest examples of how a financial crisis reshaped the country’s economic direction. The episode matters again in 2026 as India holds larger foreign exchange and gold reserves, signaling preparation rather than panic. India’s 1991 gold pledge and the Gulf shock India’s balance-of-payments crisis deepened after Iraq invaded Kuwait on Thursday, August 2, 1990, triggering a Gulf crisis that added pressur