Economic liberalization in 1991 from "summary" of A Brief History of Modern India by Rajiv Ahir
The year 1991 marked a significant turning point in the economic history of India. It was during this time that the country embraced economic liberalization, a departure from the previously closed economy that had characterized India's economic policies since independence. Under the leadership of then Finance Minister Dr. Manmohan Singh, India initiated a series of reforms aimed at opening up its economy to the global market. This move was motivated by the need to address the severe economic crisis that the country was facing at that time, with dwindling foreign exchange reserves and a high fiscal deficit. The key aspects of economic liberalization in 1991 included the dismantling of the License Raj system, which had stifled entrepreneurship and innovation in the country for ...
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