Question

why were economic reforms needed in India in 1991?

Answer 1

Indian government realised that time had come for Indian domestic markets or local producers to compete with international market.Hence,Indian govt.liberalises the foreign trade and foreign investment upto a great extent.
P.V.Narasimha Rao is known as the Father of India's economic reforms.

Answer 2

Explanation:

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The Narasimha Rao Government, in 1991, started the economic reforms in order to rebuild internal and external faith in the Indian economy. The reforms intended at bringing in larger cooperation of the private sector in the growth method of the Indian economy.

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