A special court convicted former Prime Minister P.V. Narasimha Rao and his then cabinet colleague Buta Singh in the JMM MPs' bribery case. Nine others got benefit of doubt.
The Government raises the prices of petroleum products across- the-board while cutting import and excise duties on crude oil, diesel and motor spirit (petrol).
Robert Clive, one of the founders of British empire in India and diplomat, was born.
Chhajju Ram, social worker and teacher, was born at Manawar, Chhamb.
Japanese vessel 'Kamagata Maru' reached Baj Baj near Calcutta from Vancouver carrying Indian revolutionaries.
The British police shot Matangini Hazra, a 72-year old woman of Tamluk town in Midnapur district, when she was leading the flag at Tamluk in August movement procession.
Chamber of Commerce and Industry was established in Madras.
Union Carbide India Ltd in Bombay was commissioned Reclamation Plant Sewage Water of India for commercial use.
Jaswant Singh, External Affairs Minister, meet his Pakistani counterpart Sartaj Aziz meet at the SAARC ministerial meeting.
India and Bangladesh signed settlement for distributing Ganga river water.
Delhi-Srinagar Indian Airlines Boeing 737 flight was diverted to Lahore, Pakistan by five Khalistan activists of the Dal Khalsa International. On board there were 117 passengers out of which 66 were freed on arrival in Lahore.
Central Government adopt a three-pronged strategy to create additional 30 lakh jobs outside the government sector over the next five years.
Forex norms relaxed for wide range of purposes.
The Appellate Authority of the Industrial and Financial Reconstruction stays the order of the BIFR permitting winding up of Bharat Gold Mines Limited, KGF, Karnataka.
IRS-1D, fourth Indian Remote Sensing satellite, successfully launched off by PSLV-CI, the country's first operational polar satellite launch vehicle, from Sriharikota. With this launch, India became a member of the exclusive club of nations capable of launching the heavier class of satellites.
ISRO successfully launches its largest sounding rocket, Rohini (RH-560 mk, 11 total payload, 127 kg).
1988 Nobel Peace Prize for U.N. Peace-Keeping Forces.
Gulf nations suspend Indian flights on account of plague epidemic.
Ramnath Baburao Kenny, cricketer (batted in 5 Tests for India in 1950's), was born in Bombay.
Ramesh Krishnan and Leander Paes put India into the World round of 16 nations in the Davis Cup tennis by defeating Britain (4-1).
India loses to Britain in the play off for the fifth and sixth places in the hockey match at the Sydney Olympics.
Nayudu award goes to former India cricket captain Lt. Col. Hemu Adhikari.
Cable Television Regulation Ordinance issued.
Cyclone & tidal wave off Bay of Bengal kills as many as 10,000 people.
Ustad Yunus Hussain Khan, famous singer of 'Agra Gharana', passed away.
JD, JD(A) and SJP merge to fight BJP in the assembly elections.
Union Minister of State for Agriculture S.B.P.B.K. Satyanarayana Rao quits the from Cabinet.
Arati Saha successfully swam the English Channel. She was the first Asian lady to achieve the feat.