During Balance of Payment BoP crisis India approached which of the following organization s 1 ...........

Economic Affairs NCERT

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During Balance of Payment (BoP) crisis India approached which of the following organization/s?

1.International Bank for Reconstruction & Development

2.International Monetary Fund (IMF)

3.International Development Association

Select the correct answer using the code given below

1 only

2 only

1 and 2 only

2 and 3 only

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Explanation:

·India approached the International Bank for Reconstruction and Development (IBRD), popularly known as World Bank and the International Monetary Fund (IMF), and received $7 billion as loan tomanage the crisis. For availing the loan, these international agencies expected India to liberalise and open up the economy by removing restrictions on the private sector, reduce the role of the government in many areas and remove trade restrictions.