It all started on July 1 with the first devaluation.
Indian Exp has an interview of Dr MM Singh, one of the key persons behind the job:
1991 and the Budget of July was a watershed in India’s economic and political history. There was so much done. Industrial de-licensing on Budget day, trade policy, exchange rate management and much more. How do you look back on that period? Were those ideas or solutions known already to policy-makers or were they imposed by multilateral lenders as critics claim?
I don’t see much originality in those. These were ideas which were being discussed inside the government and outside, too. All I did was put them all together in a coherent whole, when I got an opportunity. The Budget for 1991 set out the roadmap that we wanted to adopt for the next two to three years. It gave SEBI legal status. Before that, SEBI was no more than an advisory body. The banking system needed reforms and I announced the setting up of the Narasimham committee on financial sector reforms. Then, there were tax reforms..