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Indira Gandhi's Economic Policy: Absence Of Economic Policies

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Absence of Economic Policies During the period of Indira Gandhi and her Congress Party rule the country`s economy bumped into a critical crisis. In this period was no economic progress visible due to a lack of consideration of economic development and focusing solely on remaining in power. Imposed censorship on the press, arrest of opposition leaders and suspended elections happened through Gandhi in 1975. As a result the economic growth stagnated and extensive corruption became a standard action. In 1977 Indira Gandhi got under immense pressure and declared an election, which she and her party lost. A few years later she came back to power and after her assassination her son took over as prime minister. He was also killed in a bomb blast. (Gosai, 2013) Collapse of the Soviet Union and the Gulf War In 1990 the situation got even worse due to increasing inflation, poverty, unemployment as well as historically low foreign exchange reserve. Additionally had the collapse of the Soviet Union, as key supplier of low cost oil and major trading partner, an significant impact on India`s economy. Due to that India had to purchase oil from the free market. During this hard period India was given a huge remittance of foreign exchange from Indians who were working in the Middle East. But due to the Gulf War thousands of these workers have been sent back to India, which lead to an enormous dent in the country`s foreign reserve. As a result the foreign exchange reserve fell to $240

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