Approximately how much gold did India pledge to IMF for an emergency loan in 1991 AD?

Correct option is D

The correct answer is (d) 70 tonnes
Explanation:
· During the Balance of Payments crisis in 1991, India's foreign exchange reserves had dropped significantly, barely enough to cover two weeks of imports.
· To avoid a default, the Indian government, under PM Chandra Shekhar and later P.V. Narasimha Rao, pledged gold to international banks.
· A total of 67 tonnes (often rounded to 70 tonnes in competitive exams) was pledged.
· Specifically, 20 tonnes were pledged to the Union Bank of Switzerland and 47 tonnes to the Bank of England.
Information Booster:
· This event acted as a catalyst for the Economic Reforms of 1991 (LPG - Liberalization, Privatization, and Globalization).
· Dr. Manmohan Singh, the then Finance Minister, played a pivotal role in navigating this crisis.