2. The year 1991 is held to be very important in the history of the world give reasons
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Answer:
In 1991 India embarked on major reforms to liberalize its economy after three decades of socialism and a fourth of creeping liberalization. Twenty-five years later, the outcome has been an outstanding economic success.
Answer:
1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar, the 1991st year of the Common Era (CE) and Anno Domini (AD) designations, the 991st year of the 2nd millennium, the 91st year of the 20th century, and the 2nd year of the 1990s decade.
It was the final year of the Cold War that had begun in 1947. During the year, the Union of Soviet Socialist Republics fell, leaving fifteen sovereign republics and the CIS in its place. In July 1991, India abandoned its policies of socialism and autarky and began extensive neoliberal changes to its economy. This increased GDP, but also increased economic inequality over the next two decades.[1] A U.N.-authorized coalition force from 34 nations fought against Iraq, which had invaded and annexed Kuwait in the previous year, 1990. The conflict would be called the Gulf War and would mark the beginning of a since-constant American military presence in the Middle East. The clash between Serbia and the other Yugoslav republics would lead into the beginning of the Yugoslav Wars, which ran through the rest of the decade.
The Japanese asset price bubble burst this year, leading to the Lost Years and a permanently stagnated (though still prosperous) Japanese economy.
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