India's reforms of the 1990s

How exactly did India reform its economy in the 1990s and what were the payoffs?

[minuteexamprep]

1:11 big cut in tariff rates
2:05
2:30
3:02
3:18
14) new vision for india i.e more globalised, free, more liberalized and Moving away from earlier notions of 5 year plans and industrial policies
15) while these reforms were significant there are still large parts of Indian economy which have very heavy levels of regulation, price control and are subject to burdens & taxes from corruption