The statement associated with the Indian Economic Crisis of 1991 is:

(2) Our foreign exchange borrowed from other countries and financial institutions was spent on meeting consumption.

1.During the Indian economic crisis of 1991, India faced severe balance of payments problems, and foreign exchange reserves were critically low. Foreign exchange borrowed from other countries and financial institutions was used to finance consumption and cover import bills, contributing to the crisis.

2. This crisis led to significant economic reforms in India, including liberalization and globalization measures.