Prime Minister: P. V. Narasimha Rao
The gold airlift, liberalisation, and a floating rupee.
Bank Rate
12%
unchanged on 1993
Rupee per dollar
₹31.39
+0.3% on 1993
Inflation
10.25%
+3.92 pts on 1993
GDP growth
6.66%
+1.91 pts on 1993
Reserves
$24,221m
+65.1% on 1993
External debt
$97,899m
+7.2% on 1993
Current-account convertibility, August 1994
India accepted Article VIII of the IMF Articles of Agreement and made the rupee convertible on the current account
VerifiedOfficial record. Source: rbi.org.in
The record for 1994 is thin. Figures and events not shown here have not been found in the sources, not been found to be zero.
Interest-rate liberalisation, October 1994
VerifiedOfficial record. Source: rbi.org.in
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| ECB lenders (aggregate) | ECB approvals, FY1994-95 | 4,469 USD | 4,469 | flow | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
