India may suffer 1991's crisis repetition

(MENAFN) India is facing its slowest growth in a decade and is going back to the 1991 crisis as the rupee never been as low as it is now, according to Gulf Daily News. Manmohan Singh, Prime Minister, stated: "There is no question of going back to 1991." The Prime Minister added: "At that time, foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee." Singh was finance minister when India faced its worst crisis in 1991, but he saved the economy by pledging its gold to recover from the crisis.