WI: India forced to declare bankruptcy in the early 90s?

India was nearing bankruptcy until Rao liberalized the economy. Let's say that Rao is replaced by someone more socialist, and India is forced to declare bankruptcy. How does this effect India's economy and politics?
 
Weimar India, not a pretty sight for a world that just is witnessing the horrors from the Yugoslav collapse; expect some involvement from the UN if it's possible.
 
Unlikely. The need for reform was apparent in the eyes of literally everyone after the World Bank suggested it to them, and when it worked much better than anyone could have ever predicted, the result was that they were sustained.
 

Ak-84

Banned
If anything it’s worked less well then expected.; poverty reductions been flat last decade. India today has a higher poverty number then Pakistan, despite the latter using a stricter definition of poverty.
 
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