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Latest revision as of 22:54, 2 August 2024
1991 in India
In 1991, India experienced a significant turning point marked by profound economic and political reforms. The year commenced with a severe balance of payments crisis, prompting the government to adopt liberalization measures that shifted the economy from a state-controlled to a more market-oriented framework. Notably, Finance Minister Manmohan Singh introduced policies aimed at deregulation, reducing import tariffs, and encouraging foreign investments. Politically, the assassination of Prime Minister Rajiv Gandhi in May profoundly influenced the electoral landscape, culminating in the formation of a coalition government led by the Indian National Congress under P. V. Narasimha Rao. The events of 1991 laid the foundation for India's rapid economic growth in subsequent decades, transforming its global economic standing.