Identify the incorrect statement from the following: (A) There was huge burden of debts before following the policy of economic reforms of 1991. (B) India's foreign exchange reserves were declining in 1991. (C) There was surplus in Balance of Payments on the eve of independence. (D) Price level was rising due to increase in money supply on the eve of independence.

Question

Identify the incorrect statement from the following: 

 (A) There was huge burden of debts before following the policy of economic reforms of 1991. 

 (B) India's foreign exchange reserves were declining in 1991.

 (C) There was surplus in Balance of Payments on the eve of independence.

 (D) Price level was rising due to increase in money supply on the eve of independence.