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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.
The year 1991 saw India face an unprecedented financial crisis. The crisis was triggered by a major Balance of Payments situation. The crisis was converted into a golden opportunity to reform the country’s economic situation and make-up and introduce fundamental changes in economic policy.
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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What year is 1991?
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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 .
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.
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.
