Why Correct: India adopted the Structural Adjustment Program in July 1991 as part of economic liberalization reforms under Finance Minister Manmohan Singh, triggered by a balance of payments crisis.
Distractor Analysis: 1990 saw initial discussions but no formal adoption. 1992 and 1993 were years of implementing and expanding the reforms initiated in 1991, including further industrial deregulation and trade liberalization.
Takeaway: The 1991 reforms included dismantling the License Raj, reducing tariffs, devaluing the rupee, and opening to foreign investment, marking India's shift toward a market-oriented economy.