1 February – Chief Judicial Magistrate of Bhopal Court declares Warren Anderson, ex-CEO of Union Carbide, a fugitive under Indian law for failing to appear in the Bhopal disaster case, and orders the Indian government to press for an extradition from the United States.
23 April – Scam of Harshad Mehta was exposed by journalist Sucheta Dalal, which consisted of SBI 500 Crore Scam and illegal usage of loophole in banking system.
May – Over 200 people die in Cuttack in Odisha, after drinking illegally brewed liquor. About 600 people were hospitalised (see: 1992 Odisha liquor deaths).
14 August – Veerappan Gang Trapped and killed Mysore District SP, T.Harikrishna, SI Shakeel Ahmed and four constables named Benegonda, C.M.Kalappa, Sundara and M.P.Appachu, through a false informant near Meenyam in Karnataka
6 December – Members of the Vishva Hindu Parishad (VHP, World Hindu Council) tear down a 16th-century mosque located in Ayodhya, in Northern India. The mosque is built over a shrine which exhorted the small piece of land as Ram Janmabhoomi – the birthplace of Lord Rama. This sparks off nationwide communal riots in which some 3,000 people die.
Indian Rupee exchange rate collapsed. It was 20 Rs to 1 dollar in January 1992 and it became 30 Rs to 1 dollar in December 1992. A huge 50% depreciation in value.[9]
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