The document summarizes India's economic reforms over the past two decades since 1991. It discusses how India shifted from a socialist planned economy to a more market-based economy through major reforms in fiscal policy, trade, industry, agriculture, finance, and the public sector. The reforms were initiated in response to a balance of payments crisis in 1991 and aimed to reduce the fiscal deficit, encourage foreign investment, liberalize trade and industry, make the currency market-determined, and increase the private sector's role. The reforms met their initial goals and supported economic growth rates of around 6% annually in the following decade.