1991 Indian economic crisis
Back in 1991, India was going through some tough times with money. Imagine if you had only a little bit of money, but you needed to pay for lots of things like food, clothes, and your house. That's how India felt. They didn't have enough money to pay for everything they needed.
India's leaders realized that they needed to change something to make more money. So, they decided to open up their economy to the rest of the world. That means they would let people and companies from other countries come and do business in India.
This was a big change because India had always tried to keep its economy closed off from the rest of the world. But the leaders knew they needed to do something different to help their country.
At first, it was hard because people in India weren't used to working with companies from other countries. It was also hard to compete with other countries because they had more experience and resources.
But over time, things got better. The economy started to grow, and people started to have more money to pay for things they needed. And that's how India came out of its economic crisis in 1991.
India's leaders realized that they needed to change something to make more money. So, they decided to open up their economy to the rest of the world. That means they would let people and companies from other countries come and do business in India.
This was a big change because India had always tried to keep its economy closed off from the rest of the world. But the leaders knew they needed to do something different to help their country.
At first, it was hard because people in India weren't used to working with companies from other countries. It was also hard to compete with other countries because they had more experience and resources.
But over time, things got better. The economy started to grow, and people started to have more money to pay for things they needed. And that's how India came out of its economic crisis in 1991.