India’s IMF Programmes—1966 and 1981: An Analytical Review

  title={India’s IMF Programmes—1966 and 1981: An Analytical Review},
  author={V. Srinivas},
  journal={Indian Journal of Public Administration},
  pages={219 - 227}
  • V. Srinivas
  • Published 2018
  • Economics
  • Indian Journal of Public Administration
India was one of the most closed economies in the world during the period of 1947–1991. India’s fiscal deficits were high, and foreign exchange reserves were precipitously low and the exports were non-competitive. On three occasions, India had to avail external assistance from the International Monetary Fund (IMF) to overcome the balance of payments (BOP) crisis. India negotiated IMF programmes in 1966, 1981 and 1991. This article examines the events of 1966 and 1981. While India sought… Expand