WHEN PM WAS FM

Undertook two rounds of currency devaluation on July 1 and July 3, 1991 

This was followed by opening up several sectors to private sector and doing away with licences in several areas 
Also permitted up to 51% FDI in several sectors and set up Foreign Investment Promotion Board 
Trade policy was changed and import duties cut 
Deregulated lending and deposit rates in consultation with RBI Ushered in stake sale in PSUs 
Sebi was set up as an independent regulator for capital markets, Controller of Capial Issues disbanded 
National Stock Exchange was incorporated in Nov 1992 and it launched debt and equity trading two years later 
In 1992, private airlines were allowed to fly resulting in the entry of several players such as Jet, Air Sahara and Modiluft 
FIIs were allowed to trade 
in 1993