With the economic reforms restructuring Indian economy since 1991, external financial assistance has been coming in different fields like infrastructure development; poverty alleviation programmes; literacy campaigns; housing, employment generation, health care etc.

There was a time when India needed External Financial Assistance (EFA) even for importing food grains. Not anymore. With higher economic growth, India has in fact stopped taking EFA from all but a few countries viz. Japan, USA, U.K. Russia and E.U.

Presently World Bank, Asian Development Bank etc. pump in billions of dollars in projects evolving roads, electricity, rural development, providing potable water. Few years back IMF was helping India in the Balance of Payments (BoP) crisis (early 1990s).

All this assistance go on to build an efficient infratructure economic and social which provides base for higher private investment both domestic and foreign. This will lead to sustainable economic growth and its convergence in balanced economic development.