Step 1: Read for dates.
The passage has only one year tied to the opening of the economy, and it is repeated as July 1991 in the next paragraph.
Step 2: Link to history.
India faced a payments crisis in 1991, and then the government cut licences and opened trade. This agrees with the passage.
Step 3: Rule out the rest.
1981 and 1985 come before the reforms, and 1995 comes four years after they began, so none of these fit.
Step 4: Choose.
Only 1991 fits, which is option 1.
Step 5: Why the other options fail.
Option 2 says: 1995. This does not fit the idea we settled on, so it cannot be the answer.
Option 3 says: 1981. This does not fit the idea we settled on, so it cannot be the answer.
Option 4 says: 1985. This does not fit the idea we settled on, so it cannot be the answer.
Step 6: Quick check.
Read the chosen option again in full: 1991. It agrees with the facts above, and each of the other three options clashes with them. So the answer stays the same after this second look.
Final Answer:
The correct year is 1991.
\[ \boxed{\text{Option 1}} \]
