What happen in 1991 in India?

Answer 1

In 1991, India faced a severe economic crisis that prompted significant reforms. The country was on the brink of defaulting on its debt, leading the government to liberalize the economy by reducing trade barriers, deregulating industries, and encouraging foreign investment. This marked the beginning of India's transition from a primarily state-controlled economy to a more market-oriented one, which spurred economic growth in subsequent years. Additionally, this period saw the introduction of policies that aimed to integrate India more fully into the global economy.