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FinObservatory

Crisis atlas / IND

India

43 distinct crisis events in 12 episodes, 1863–2011, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

23
Banking crises
11
Currency crises
9
Sovereign debt crises
43
Crisis events
1863–2011
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2011
    Currencyrr1 source
  2. 2008
    Currencyrr1 source
  3. 1998
    Bankingrr1 source
  4. 1997
    Bankingrr1 source
  5. 1996
    Bankingrr1 source
  6. 1995
    Bankingrr1 source
  7. 1994
    Bankingrr1 source
  8. 1993
    Currencyrr1 source
    Bankinggmd, laeven_valencia, rr3 sources
  9. 1991
    Currencyrr1 source
  10. 1988
    Currencyrr1 source
  11. 1984
    Currencyrr1 source
  12. 1976
    Sovereign debtrr1 source
  13. 1975
    Sovereign debtrr1 source
  14. 1974
    Sovereign debtrr1 source
  15. 1973
    Sovereign debtrr1 source
  16. 1972
    Sovereign debtrr1 source
  17. 1971
    Sovereign debtrr1 source
  18. 1970
    Sovereign debtrr1 source
  19. 1969
    Sovereign debtgmd, rr2 sources
  20. 1967
    Currencygmd, rr2 sources
  21. 1958
    Sovereign debtgmd, rr2 sources
  22. 1950
    Currencygmd, rr2 sources
  23. 1948
    Bankingrr1 source
  24. 1947
    Bankingrr1 source
  25. 1931
    Bankingrr1 source
  26. 1930
    Bankingrr1 source
  27. 1929
    Bankingrr1 source
  28. 1922
    Bankingrr1 source
  29. 1921
    Currencyrr1 source
    Bankingrr1 source
  30. 1920
    Currencygmd, rr2 sources
    Bankinggmd1 source
  31. 1916
    Bankingrr1 source
  32. 1915
    Bankingrr1 source
  33. 1914
    Bankingrr1 source
  34. 1913
    Bankinggmd1 source
  35. 1908
    Bankingrr1 source
  36. 1894
    Currencygmd, rr2 sources
  37. 1866
    Bankingrr1 source
  38. 1865
    Bankingrr1 source
  39. 1864
    Bankingrr1 source
  40. 1863
    Bankinggmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1863–1866

Banking
Inflation (% y/y)
Policy rate (%)
No data for this window
Govt debt (% of GDP)

1894

Currency
Inflation (% y/y)
Policy rate (%)
No data for this window
Govt debt (% of GDP)

1908

Banking
Inflation (% y/y)
Policy rate (%)
No data for this window
Govt debt (% of GDP)

1913–1916

Banking
Inflation (% y/y)
Policy rate (%)
No data for this window
Govt debt (% of GDP)

1920–1922

BankingCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1929–1931

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1947–1950

BankingCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1958

Sovereign debt
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1967–1976

CurrencySovereign debt
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1984

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1988–1998

CurrencyBanking1993: output loss 0.0% of GDP(Laeven-Valencia 2026)
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2008–2011

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology