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Liberalisation

India · 1992Babri Masjid demolished on 6 December, triggering nationwide communal violence

The demolition of the Babri Masjid at Ayodhya on 6 December triggered nationwide communal violence and President's Rule in four BJP-ruled states. Liberalisation deepened even as the Harshad Mehta securities scam rocked the markets, while the Supreme Court's Mandal verdict reshaped reservation policy.

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Key figures

P.V. Narasimha Rao — Prime Minister during liberalisation and the Babri crisisManmohan Singh — Finance Minister associated with the 1992-93 Budget, LERMS and capital-market reformsShankar Dayal Sharma — sworn in as 9th President of India in July 1992M.H. Kania — Chief Justice of India until November 1992Harshad Mehta — stockbroker at the centre of the 1992 securities scamSatyajit Ray — filmmaker; honorary Academy Award and Bharat Ratna 1992; died on 23 April 1992

UPSC / State PCS — Exam focus

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