Prime Minister: Indira Gandhi
Partition, planning, aid consortia and nationalised banks.
Bank Rate
5%
−1 pts on 1967
Rupee per dollar
₹7.5
unchanged on 1967
Inflation
3.24%
−9.82 pts on 1967
GDP growth
3.39%
−4.44 pts on 1967
Reserves
$730m
+10% on 1967
Arabian Light
$1.8
unchanged on 1967
London gold · 17 March 1968
Private-market gold separated from the official USD 35/oz
Increased the gap between the domestic Indian gold price and the world price, and so the incentive to smuggle. India's Gold (Control) Act followed in 1968.
ReportedOfficial record. Source: BIS / Bank of England history
Gold (Control) Act 1968
Private holding of primary gold was banned and goldsmiths were limited to 14-carat work. Smuggling increased as a result.
ReportedOfficial record. Source: Wikipedia "Gold (Control) Act, 1968", citing Act No. 45 of 1968
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| Aid India Consortium (hard lenders France and Japan carried 55%) | Consortium debt relief (rescheduling, not a Paris Club agreement) | 100 | done | verified | |
| Aid India Consortium members (World Bank-chaired; US, UK, W. Germany, Japan, Canada, France, Italy, Netherlands, Belgium, Austria) | Debt relief (rescheduling / refinancing of service due) | 100 USD mn | 100 | Agreed 1968. Relief arrangements continued at consortium meetings to 1976. | reported |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
