The BOP crisis of the early 1990s made India borrow from the IMF, which came on the following conditions:
A. Devaluation of rupee by 22%.
B. Drastic customs cut to a peak duty of 30% from the erstwhile level of 130% for all goods.
C. Consolidation of all indirect taxes into one tax.
D. Excise duty to be increased by 20% to neutralize the loss of revenue due to customs cut.
E. Government expenditure to be cut by 10% per annum.
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