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1991 was the final year of the Cold War, the year of the Gulf War, the year of the Soviet Union collapse, and the year of the World Wide Web release. It was also a year of economic liberalization in India, apartheid reform in South Africa, and the end of the Yugoslav Wars.
Browse the calendar of events that happened in 1991, from Iraq's invasion of Kuwait to the fall of the Berlin Wall. Find out the highlights, birthdays, deaths, and more of this year in history.
Learn about the Balance of Payments crisis that India faced in 1991, due to various factors such as the break-up of the Soviet Bloc, the Gulf War, and fiscal indiscipline. Explore the macroeconomic indicators, the impact on trade and industry, and the political uncertainty that exacerbated the situation.
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- Steps Taken Under Liberalisation
- Steps Taken Under Privatisation
- Steps Taken Under Globalisation
Commercial banks were given the freedom to determine interest rates. Previously, the Reserve Bank of Indiaused to decide this.The investment limit for small scale industries was raised to Rs. 1 crore.Indian industries were given the freedom to import capital goods like machinery and raw materials from foreign countries.Previously, the government used to fix the maximum production capacity of industries. Now, the industries could diversify their production capacities and reduce production costs. Industries are now...Privatization refers to opening up the private sector to industries that were previously reserved for the government sector. This chiefly involved selling the PSUs (private sector undertakings) to private players. This was meant to remove the political interference in PSUs which was making them models of inefficiencies.
Globalization refers to opening up the economy more towards foreign investment and global trade. 1. Reduction in tariffs: a gradual reduction in the customs duties and tariffs on exports and imports to make India attractive to global investment. 2. Long term trade policy: trade policy was enforced for a longer duration. The main features of the tra...
The year 1991 was a watershed moment in the history of Economy of India. It was the year in which India formally announced it's shift towards Liberalization, Privatization and Globalization from hitherto existed Mixed economy that was predominantly a Planned economy .
Find out what happened in 1991, from major events like the Gulf War and the fall of the Soviet Union, to famous births and deaths of celebrities and leaders. Browse by month, category, or keyword and discover fun facts and trivia about 1991.
Jul 5, 2016 · 25 years after the Indian economy was liberalised and opened up, here's a look at how the events of 1991 changed the country forever.
