Which international financial institution played a key role in supporting India with financial assistance balance of payment support during the 1991 economic reforms?

The 1991 foreign exchange crisis in India was primarily caused by:

Prior to the 1991 Economic Reforms, the Indian economy was governed by strict industrial licensing, foreign exchange rationing, administered interest rates, and capacity limits. Post-1991, licensing was abolished for most sectors, market-determined exchange rates were introduced, and private investment was encouraged. What was the most significant structural change in the operating environment for Indian enterprises resulting from these reforms?