incredible india

In 1991, westarted the economic reforms process owing mainly to the serious balance of payments crisis it was facing. Then, India -- just an inch away from defaulting on its loans -- had less than $2 billion in forex reservesand then had to pledge gold with the International Monetary Fund to get a loan to get out of the crisis.

Today, it is the IMF that has sold gold to India to 'borrow' money to loan to poor nations!

That is t the economic reforms that Manmohan Singh (the then finance minister and current prime minister) set in motion have borne fruit.

On September 18, 2009, the IMF's executive board approved gold sales strictly limited to 403.3 metric tonnes, representing one eighth of its total holdings.

India and China were seen as the likely buyers the IMF gold, given the two Asian giants' economic strength even in the face of the global recession that ravaged most economies. Gold jumped to a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation that there may be more official purchases.The Reserve Bank of India bought the bullion, for $6.7 billion, from Oct. 19 to Oct. 30. It was “the biggest single central-bank purchase that we know about for at least 30 years in such a short period