Introduction:
Until 1991, the Government of India heavily relied on external borrowing to finance its development projects and meet its fiscal deficits. The loans were obtained from various international financial institutions, including the Asian Development Bank (ADB), the World Bank, and the International Monetary Fund (IMF). These loans played a crucial role in supporting India's economic growth and development during that period.

Asian Development Bank (ADB):
The Asian Development Bank, established in 1966, aimed to promote economic and social progress in the Asia-Pacific region. India became a member of ADB in 1966 and started borrowing from the institution to fund its development projects. ADB provided both project loans and program loans to India. Project loans were specifically targeted towards specific development projects, while program loans provided support for broader sectoral reforms. ADB's loans to India helped in the development of infrastructure, agriculture, education, and other vital sectors.

World Bank:
The World Bank, consisting of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), has been a significant source of finance for developing countries. The Government of India started borrowing from the World Bank in the 1950s. The loans provided by the World Bank supported various sectors such as agriculture, industry, power, transportation, and social development. The World Bank's loans were typically long-term and had concessional interest rates, making them favorable for India's development needs.

International Monetary Fund (IMF):
The International Monetary Fund is an international organization that aims to promote global monetary cooperation, secure financial stability, and facilitate international trade. India has been a member of the IMF since its inception in 1944. The Government of India borrowed from the IMF to address balance of payments crises and stabilize its economy. IMF loans often come with conditions aimed at implementing economic reforms and policy changes. These conditions, known as structural adjustment programs, helped India in addressing macroeconomic imbalances and promoting economic liberalization.

Conclusion:
Until 1991, the Government of India heavily relied on loans from international financial institutions such as the Asian Development Bank, the World Bank, and the International Monetary Fund. These loans played a crucial role in financing India's development projects, supporting sectoral reforms, and stabilizing the economy during balance of payments crises. The loans obtained from these sources helped in the development of infrastructure, agriculture, education, and other vital sectors, contributing to India's economic growth and development.