IMF Conditions on India

During the early 1990 BoP crisis, India borrowed from IMF. The loan given by the IMF has the following conditions.

1. Rupee devaluation by 22%. 
2. Custom duty cut from 130% to 30% for all goods. 
3. 20% increase in Excise duty to neutralise the loss of custom duty revenue.
4. 10% per annum cut in government expenditure.