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

Congress did not rally behind 1991 reforms. A Congress intellectual now close to Nehru Darbar had floated the line that the reforms would serve India's 'Coca-Cola Class'. Media went to town over undisclosed IMF conditionalities. Congress lost elections in State after State. 2n

To foist the claim that the 1991 reforms "spread optimism and hope across India" is a travesty. Had there been "optimism and hope" then Congress would not have lost the 1996 Lok Sabha election. Such bogus claims can be made because public memory is short. 3n

Iirc @surjitbhalla wrote in defence of 1991 reforms and was quoted in NYT rubbishing the sly Congress campaign that PVNR's reforms would benefit only the 'Coca-Cola Class'. He was brutally lampooned by the same type who are now claiming there was "optimism and hope". 4n

The #LeftLiberal Commentariat and 1990s 'activist' types like Medha Patkar derided the 1991 reforms as "neo-liberalism". Some judges also picked up this term and used it liberally in badly written orders. Opedists hogged columns denouncing PVNR for short-selling #India 5n