After World War II, economy in many European and Asian countries was shattered. After the UNO three bodies were born in 1947, i.e., World Bank, International Monetary Fund (IMF) and International Trade Organization (ITO). It was the US senate, which blocked the ITO. The objective of these organizations was to revive the economy especially in developing countries. It was in the same year India signed General Agreement on Tariffs and Trade (GATT). The main objective was to encourage trade. On January 1, 1948, 23 contracting states including India ratified GATT.
