Prime Minister: P. V. Narasimha Rao

The Age Of Stars

The gold airlift, liberalisation, and a floating rupee.

Vol. CXIXThe edition of 1993 · The Open Economy8 records

Prime Minister: P. V. Narasimha Rao
President: Shankar Dayal Sharma
Finance Minister: Manmohan Singh
RBI Governor: C. Rangarajan

Bank Rate

12%

unchanged on 1992

Rupee per dollar

₹31.29

+11.1% on 1992

Inflation

6.33%

−5.46 pts on 1992

GDP growth

4.75%

−0.73 pts on 1992

Reserves

$14,675m

+53.8% on 1992

External debt

$91,330m

+4% on 1992

equity / insurance · 12 March 1993

Bombay bombings

257 killed, about 1,400 injured; 13 RDX car bombs

Hit the Bombay Stock Exchange, banks, hotels, petrol pumps and the airport; the Rajya Sabha record of 1993-04-27 confirms the date and the police investigation statement; no published market magnitude obtained

ReportedPress. Source: https://en.wikipedia.org/wiki/1993_Bombay_bombings

Trade & Tariffs

2 items

Unified exchange rate

The dual rate was unified, completing the move to a single market-determined rate for the rupee on trade…

The dual rate was unified, completing the move to a single market-determined rate for the rupee on trade account

VerifiedOfficial record. Source: rbi.org.in

Guidelines for private-sector bank entry

New private banks licensed, the first new domestic private banks since bank nationalisation

VerifiedOfficial record. Source: rbi.org.in

War & Unrest

2 items

South Asia, Bombay

Home Minister S. B. Chavan lays the Bombay bombings investigation statement in the Rajya Sabha

Primary confirmation of the attack date (1993-03-12) and of the government's investigative posture; portfolio confirmation for POLITY

VerifiedOfficial record. Source: archive.org

South Asia, Bombay

1993 Bombay bombings (13 RDX car bombs; Bombay Stock Exchange, hotels, banks, petrol pumps…

257 killed and about 1,400 injured; financial-district and market shutdown, insurance claims, and a lasting re-pricing of Indian country risk. The Home Ministry laid a statement on the Bombay Police investigation in the Rajya Sabha on 1993-04-27

ReportedPress. Source: https://en.wikipedia.org/wiki/1993_Bombay_bombings

The Ledger: what was borrowed in 1993

Full ledger →

Creditor	Instrument	Amount	US$ m	Status	Grade
Russian Federation	Rupee-rouble debt settlement of 1993-01-28: Moscow's USD 11.8 bn claim cut by ~32%	8,020 USD	8,020	repaid through rupee exports	reported
Non-resident Indians	FCNR(B) introduced May 1993 (banks bear the exchange risk)			continuing	verified
International Monetary Fund	Reported "Extended Fund Facility" under this decade's terms of reference			Unverified	unknown

Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.

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