In 1991 , as an immediate measure to resolve the balance of payment crisis, the rupee was devalued against foreign currencies. What was its impact on indian economy at that time?

The 1991 Devaluation1991 is often cited as the year of economic reform in India. Surely, the governments economicpolicies changed drastically in that year, but the 1991 liberalisation was an extension of earlier, albeitslower, reform efforts that had begun in the 1970s when India relaxed restrictions on imported capitalgoods as part of its industrialisation plan. Then the Import-Export Policy of 1985-1988 replacedimport quotas with tariffs. This represented a major overhaul of Indian trade policy as previously,Indias trade barriers mostly took the form of quantitative restrictions. After 1991, the Government ofIndia further reduced trade barriers by lowering tariffs on imports. In the post-liberalisation era,quantitative restrictions have not been significant.