1991 Economic Reforms: 5 Months Which Transformed India

Forex for three weeks of imports. Political instability. Gold pledged to raise money. How did 1991 reforms unfold?

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India
2 min read
Forex for three weeks of imports. Political instability. Gold pledged to raise money. How did 1991 reforms unfold?
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(This article was first published on 20 September 2019 and has been republished from The Quint's archives to mark the anniversary of the liberalisation of India’s economy in 1991.)

In 1991, India was far from being an economic superpower. Foreign exchange to cover just three weeks of imports, gold pledged to take loans, political instability with Rajiv Gandhi’s assassination: India was facing an economic and a political crisis. How did the battle to save India’s economy unfold?

Chapter 1: ‘Sir, Who Are You Representing?’

1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)

Chapter 2: ‘Suddenly, There Was An Explosion’

1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)

Chapter 3: A New Prime Minister & An Unfinished Lunch

1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)

Chapter 4: The Month Which Changed India

1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)
1991 Economic Reforms: 5 Months Which Transformed India
(Photo: Erum Gour/The Quint)

(Sources cited: India After Gandhi by Ramchandra Guha, The Hindu, India Today, Livemint, Businessworld)

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