There was no optimism in 1991 through 1996 on account of PV Narasimha Rao's reforms. Indian (crony) industry formed 'Bombay Club' to oppose pro-free market reforms. Unions were protesting in the streets. Harshad Mehta was scamming a fake bubble market. Inflation kept shooting.
1n

'Economic Reforms, Ha Ha Ha'
A bad pun, yes, but such is their intel calibre. 6n
The new #GreatIndianRopeTrick in town is opedists airbrushing history that is only 30 years old. Because the under-30 who crowd social media will fall for their trick and amplify their hogwash. 7n
https://t.co/1T7srkNIzG
1992 :: Finance Minister Manmohan Singh Bows to Pressure, Tables Letter to World Bank President
— indianhistorypics (@IndiaHistorypic) May 12, 2019
( Photo - Indian Express) #IMFLoan pic.twitter.com/afKqdPF1u9