India’s 1980s economic resilience collapsed into crisis within five years

Evidence

So rapid is the deterioration in the economies of these countries that India, which had been singled out by Lipietz (p. 153) as the country most successful in maintaining rising investment rates and an extremely low ratio of debts and debt-servicing to both GDP and exports, now faces, less than five years later, a far worse crisis than Mexico or Brazil. — Aijaz Ahmad, In Theory, 615