In India this was the year of profound importance. It was the year, from which the political discourse of India started to change, with events that heralded the rise of Hindu nationalism, Kashmir militancy, Mandal Politics, Indian cricket etc.<ref>{{#invoke:citation/CS1|citation
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}}</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> and marked the shift from era of single party rule to decades of coalition governments ahead. In socio-political discourse of country, this was a year which started the shift of, sense of history in minds of people from a consensus based one that emerged post 1947 to contested one that emerged along with Ram Janmabhoomi Andolan.<ref>Template:Citation</ref><ref>{{#invoke:citation/CS1|citation
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24 January – The second Mizoram Assembly After statehood came into power as a Congress (I) led government under leadership of Lal Thanhawla.<ref>{{#invoke:citation/CS1|citation
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25 January – Congress (I) led government under chief minister ship of S. C. Jamir came into power in Nagaland post assembly elections.<ref>{{#invoke:citation/CS1|citation
April – Amendment to Banking, Public Financial Institution and Negotiable Instruments Laws enacted to encourage the culture of use of cheques in India. It introduced penalties for the dishonour of cheques.
April – Service Area Approach for rural lending became operational.<ref>{{#invoke:citation/CS1|citation
1 July – CRR raised to 15% taking statutory preemptions of banks' resources in the form of the Statutory Liquidity Ratio and the Cash Reserve Ratio to over 53%.
7 November – Vishva Hindu Parishad leadership was allowed to lay foundation stone at Ayodhya dispute site. In run up to the election Rajiv Gandhi then Prime Minister gave permission to perform shilaanyaas.<ref>{{#invoke:citation/CS1|citation
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9 November - Shilanyaas performed at Ayodhya.<ref>{{#invoke:citation/CS1|citation
2 December – V.P. Singh becomes the Prime Minister of India after Lok Sabha elections. He came into power in a coalition led by Janata Dal as National Front with support of Bharatiya Janata Party, Telugu Desam Party and left parties. Despite being an upper caste he initiated the most revolutionary and controversial step of implementing Mandal Commission in the next year<ref>{{#invoke:citation/CS1|citation