Why was it essential for India to important the Structural Adjustment Programme?

India had to implement the Structural Adjustment Programme (SAP) for entailing reduction in fiscal deficit, doing away with subsidies, deregulation of the economy, disinvestment of government equity shares in PSUs, reduction of custom duties and encouragement to foreign investment leading to more open economy, financial reforms, market determined exchange-rate, reform of the stock-exchanges and reduction of bureaucracy.