Why did Indira Gandhi government devalue the Indian Rupee in 1967?
Why did Indira Gandhi government devalue the Indian Rupee in 1967?
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Indira Gandhi government devalued Indian rupee to check economic crisis of 1967. Consequently, one US dollar could be purchased for less than 5 after devaluation, it cost more than 7.
1. The economic situation triggered a price rise.
2. People started a protest against the increase in prices of essential commodities and unemployment etc.
3. The Communist and Socialist parties launched struggle to avail greater equality.
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