What was the amount of loan received by India when it approached its last resort i.e. I.B.R.D., in the year 1991?
Answer & explanation
Correct answer: option 3
The correct answer is Option 3: 7 billion dollar
When India was almost on the verge of collapsing, it went to I.B.R.D, popularly known as world bank and IMF ( International Monetary Fund) and received 7 billion dollar as loan to manage the crisis. The loan came with certain conditions which India accepted to follow. The conditions included liberalizing the economy, removing restrictions on trade etc.