IMF and India:
Free Convertibility of Indian Rupee:
Indian rupee has become independent after the establishment of IMF, Earlier it was linked with pound sterling. Its value is now determined in terms of Gold. Hence it is freely convertible.
(i) Loan for developmental activities :
India has got several loan facilities from IMF for its several development projects.
(ii) Ability to purchase Foreign currencies :
Government of India is able to purchase foreign currencies from time to time to meet the ever-growing requirement of development activities.
(iii) Expert Advice:
(1) India used to get expert advice from IMF for solving the economic problems.
(2) It has given valuable advice to India with regards to financing its 5 year plan.
(iv) Timely help:
India has received timely help from IMF many a time to eliminate the deficit in its balance of payments. India got help from IMF during 1966 in the aftermath of war with Pakistan. It received assistance from IMF during for combating oil shock. Between 1980 and 1983 India got assistance from IMF to manage global economic recession.
(v) Financial assistance during natural calamities :
India has got a lot of financial assistance from IMF to solve the economic crisis arising from natural calamities like floods, famine, earthquake, aggressions of Chinese and Pakistan, etc. It gets technical assistance from IMF.
(vi) Membership in world bank:
By virtue of its membership in IMF, India could become member in the World Bank.
(vii) Help during 1991 Economic Crisis:
(1) During 1990, India faced series serious economic crisis;Indian government was almost nearing bankruptcy.
(2) It has got assistance from IMF by pledging its gold reserve with it to solve its balance of payments crisis.

Functions of IMF :
The functions of IMF are enumerated below:
(i) It acts as a short-term credit institution at the international level.
(ii) It provides machinery for ordinary adjustments of exchange rates.
(iii) It has a reservoir of currencies of the member countries from which a borrower can borrow currencies of other nations.
(iv) It promotes economic stability and global growth by encouraging countries adopt sound economic and financial policies.
(v) It offers technical assistance and training to help member countries strengthen and implement effective policies.
(vi) Technical assistance is offered in formulating banking, fiscal, monetary and exchange policies.
(vii) It helps member countries correct their imbalance in balance of payment.

Functions Of IBRD:
The main functions of World Bank are as follows:
(i) Assisting reconstruction of war-affected countries.
(ii) Promoting economic growth and balanced growth of international Business.
(iii) Promoting infrastructural facilities like energy and transportation, road development, etc. in member countries.
(iv) Encouraging agricultural and industrial development in developing countries by providing adequate resources.
(v) Providing resources for promoting sanitation, education, healthcare and small-scale enterprises in member countries.
(vi) Improving standard of living of people of member countries by providing assistance' by removing poverty, raising productivity, providing technical support and conducting research and development.

Benefits of WTO:
Some of the major benefits of WTO are as follows:
(i) WTO is promoting international peace and creating a conducive environment for conducting international Trade.
(ii) It settles the Trade disputes amicably among the member countries.
(iii) It promotes the standard of living of people by increasing their income level from free trades.
(iv) WTO has removed quantitative restrictions and non-tariff barriers. It has facilitated free flow of foreign trade among the member countries.
(v) The countries can impose import restrictions only to correct balance of payments difficulties and not otherwise.
(vi) It stimulates economic growth of developing countries by providing them with much needed capital and giving them preferential treatment in trade and related matters.
(vii) WTO organises periodical regional and international conference. Thus developing countries get opportunity to learn the technicalities, rules and regulations, governing world trade, technical assistance available globally, trade potentials in member countries and so on.
(vii) WTO gives people across the world a wider choice of goods and broader range of qualities to choose from by promoting free trade among the member countries.
(viii) WTO has lowered trade barriers and thereby allowed trade to flourish across the world. The increase in trade contributes to increase in national income and personal income of people.
(ix) WTO provides a platform for member countries to establish trade link with one another.
(x) In the absence, of WTO member countries may have to - enter many multilateral agreement with so many countries across the world.
(xi) It provides greater access to all nations under one roof.
(xii) WTO is committed to protecting free trade. It has framed rules on subsidies and dumping.

Functions/Role of WTO:
WTO performs the following functions:
(i) It is a forum for negotiation and formalisation of trade agreement among the member countries.
(ii) It settles disputes and grievances relating to trade among the member countries.
(iii) It frames commonly accepted code of conduct in order to reduce trade barriers.
(iv) It holds consultation with IMF and World Bank (IBRD) and its affiliates to bring about a greater understanding and co-operation in global economic policymaking.
(v) It supervises the operation of agreement relating to General Agreement on Tariffs and Trade (GATT) and Trade-related intellectual properties Rights (TRIPS).
(vi) It regulates trade between participating countries.

Objectives of WTO:
The objectives of WTO include the following:
(i) Improving the standard of living of people in member countries.
(ii) Making optimum utilisation of world's resources for sustainable development of member countries.
(iii) Promoting an integrated more viable and durable trading system in the sphere of international business.
(iv) Expansion of trade in goods and services.
(v) Ensuring full employment and large steady growing volume of real income and effective demand.
(vi) Protecting the environment.