Why did India open its economy in 1991?

India was forced to open its economy in 1991 due to the balance of payment crisis.You can read about the Economic Reforms Of 1991 – Objectives, Steps Undertaken in the given link.

Further readings:

1. Difference between Economic Survey and Union Budget of India & Their Comparisons
2. Topic-Wise GS 3 Questions for UPSC Mains