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What Caused the 1991 Currency Crisis in India? Macro Economic Assignment Submitted by : Group 12/13_SectionH2 WHAT CAUSED THE 1991 CURRENCY CRISIS IN INDIA? Indias post-Independence development strategy was both inward-looking and highly interventionist, consisting of import protection, complex industrial licensing requirements, financial repression, and substantial public ownership of heavy industry. However, macroeconomic policy sought.