खालीलपैकी कोणते 1990 च्या दशकाच्या सुरुवातीच्या आर्थिक आरिष्टाचे कारण आहे ?

The correct answer is Option D (All the above reasons).

Key Points:
• The correct option is (4).
• Background of the 1991 Balance of Payments (BoP) & Fiscal Crisis:
• During the late 1980s and early 1990s, the Indian macroeconomic system faced unsustainable fiscal and external vulnerabilities:
• 1. Gross fiscal deficit escalated to 7.8% of GDP in 1990-91 (Statement 1).
• 2. Central government internal debt ballooned to 49.7% of GDP (Statement 2).
• 3. Debt servicing liability (interest repayment burden) mounted to approximately 22.0% of total central government expenditure (Statement 3).
• These imbalances, compounded by the Gulf War oil price spike, foreign exchange reserve depletion (barely covering two weeks of imports), and double-digit inflation, triggered the 1991 economic crisis and prompted the LPG reforms.
• Key Takeaway: The 1991 crisis was marked by a fiscal deficit of 7.8% of GDP, internal debt of 49.7%, and debt servicing consuming 22% of expenditure.