Which of the following statements accurately reflect the IMF conditions for India during the 1980s Balance of Payments (BoP) crisis?
- The rupee was devalued by 22%.
- Peak import tariffs were drastically reduced from 130% to 30%.
- All government expenditure was to be cut down by 20%, annually.
1
1 and 3
2
1 and 2
3
2 and 3
4
Only 1
5
Only 3