The last time crude oil prices rose as sharply in a single day as they did on Monday (September 16) was during the 1990-91 Gulf crisis. Apart from triggering a balance of payments crisis that led to the reforms of 1991, the crisis also left India with oil reserves for just three days at one point.
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Why oil shocks don't bother India as much now
Why oil shocks don't bother India as much now
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