The correct chronological order is:
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(1)
The Defeat of the Congress Party (1977): The Janata Party's victory ended the Congress's long rule.
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(2)
Rise of Mandal Issue (Late 1980s): The Mandal Commission report sparked widespread debate about reservations.
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(3)
New Economic Reforms (1991): India began to liberalize its economy.
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(4)
Assassination of Indira Gandhi (1984): This event had deep political repercussions.
5.
Demolition of Babri Masjid (1992): This event triggered widespread communal violence.