The economic crisis of 1991 prompted reforms to India's socialist policies. The government approached the IMF and World Bank for a loan and adopted stabilization and structural reform measures on their advice. Key reforms included liberalizing industries, privatizing public sectors, opening the economy to foreign investments, lowering trade barriers and simplifying taxes. The goal was to move from a controlled to a market-based economy. While GDP and FDI grew, critics argue the reforms did not sufficiently address poverty and unemployment or achieve balanced growth across sectors.