In which year India embarked on a programme of economic reforms that has sought increasingly to de-regulate various sector including trade and foreign investment?

1991

The correct answer is Option (3) → 1991

The economic policy followed by the various governments took a radically different turn. This is known as the initiation of the structural adjustment programme or the new economic reforms. Started by Rajiv Gandhi, these changes first became very visible in 1991 and radically changed the direction that the Indian economy had pursued since Independence. These policies have been widely criticised by various movements and organisations. But the various governments that came to power in this period have continued to follow these.