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Events on Wednesday 24 July 1991 1
1991India Launches Economic Liberalization ReformsFinance minister Manmohan Singh opens India's economyFacing a balance-of-payments crisis, India's government under finance minister Manmohan Singh introduced sweeping reforms that dismantled decades of licensing controls and opened the economy to foreign investment. The reforms marked a decisive break from India's post-independence economic model. They set the stage for decades of accelerated economic growth.