Impact of international monetary fund on India

The IMF was born at the end of World War II. It was formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White & John Maynard Keynes, (The Bretton woods conference formally known as the United Nations Monetary & Financial Conference was the gathering of 730 delegates from all the 44 allied nations at the Mount Washington Hotel. The conference was held from July 1^st to 22^nd 1944. Agreement were signed that after legislative ratification by member governments established the World Bank, IBRD(International Bank for Reconstruction and Development) & IMF (International Monetary Fund). It was created out of a need to prevent economic crises like the Great Depression. With its sister organization, the World Bank, the IMF is the largest public lender of funds in the world. It came into formal existence in 27 December 1945 with 29 member countries & the goal of reconstructing the international financial crises.

The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade.