Is India on the verge of a 1991- style crisis?

Imminent crisis?
Some commentators have raised the prospect of India facing a repeat of the balance of payments crisis that shook the country in 1991. Fears have been expressed that after years of 8% - 9% expansion, growth could fall to as low as 3% - it was 4.4% in 2Q 2013. The Indian Rupee depreciated about 18% and there has been an outflow of portfolio capital from stock markets. However, Prime Minister Manmohan Singh, who piloted the reforms of 1991 that placed the economy on a higher growth trajectory, has dismissed fears of a balance of payments crisis.