The correct answer is option 'D', which states that India implemented the New Economic Policy in the year 1991.

Explanation:
The New Economic Policy, also known as the Economic Liberalization or the LPG (Liberalization, Privatization, and Globalization) reforms, was implemented by India in 1991. This policy marked a significant shift in India's economic policies and aimed to open up the Indian economy to global markets and promote economic growth and development.

The New Economic Policy was a response to a severe economic crisis that India faced in the late 1980s and early 1990s. The country was grappling with high inflation, balance of payment problems, mounting external debt, and a stagnant economy. The crisis was aggravated by a lack of foreign exchange reserves, which posed a serious threat to the stability of the Indian economy.

To address these challenges, the Indian government, under the leadership of Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, initiated a series of economic reforms in 1991. The key objectives of these reforms were:

1. Liberalization: The government aimed to liberalize various sectors of the economy by reducing government control and intervention. This involved dismantling the License Raj system, which imposed cumbersome regulations and controls on businesses, and opening up various sectors to private and foreign investments.

2. Privatization: The government sought to reduce the role of the public sector in the economy by privatizing state-owned enterprises. This involved selling off or transferring ownership of public sector companies to private entities, thereby promoting competition and efficiency in the economy.

3. Globalization: The government aimed to integrate the Indian economy with the global economy by promoting trade and foreign investment. This involved removing trade barriers, encouraging exports, and attracting foreign direct investment (FDI) into the country.

The New Economic Policy brought about significant changes in India's economic landscape. It led to the entry of multinational corporations, the growth of the private sector, and the emergence of a market-oriented economy. It also resulted in the liberalization of various sectors such as telecommunications, aviation, banking, and insurance.

These reforms had both positive and negative impacts on the Indian economy. On the positive side, they led to increased foreign investment, improved technology, and greater competition, which stimulated economic growth and development. On the negative side, they also widened income inequalities and created social dislocations, particularly in rural areas.

Overall, the implementation of the New Economic Policy in 1991 marked a turning point in India's economic history. It set the stage for India's rapid economic growth in the subsequent decades and transformed the country into one of the world's fastest-growing economies.