What led to the crisis of 1991?  I believe the problem began during Indira Gandhi’s second term, but it worsened significantly in the five years that Rajiv Gandhi served as Prime Minister. The fundamental problem was excessive borrowing at home and abroad. It led to mounting fiscal deficits for the government and burgeoning current account deficits for the economy. The fiscal profligacies of the 1980s were undeniably responsible for the macroeconomic crisis in 1991.   Can you provide a sense of the firefighting the government did in 1991?  I was Chief Economic Adviser and Secretary in the Ministry of Finance for…