What was the condition imposed by World Bank and International Monetary Fund for giving loan to India?
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India received a loan of $7 billion from World Bank and International Monetary Fund to manage its financial crisis in the late 1980's. For this, certain conditions were imposed on India:
- To liberalise and open up its economy by removing restrictions on the private sector.
- To reduce the role of the government in many areas of production.
- To remove trade restrictions.
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