Foreign Trade Policy and Trends in India

Since the early 1990s, world economies have witnessed a paradigm shift towards market-oriented economic policies, as well as a careful dismantling of obstacles in international trade. This has helped developing countries like India gain access to world markets, modern technologies, and collaborations. This has also given these countries a window to the developed world, helping them to understand the significant role of foreign trade as an effective instrument of economic growth and employment generation. Beginning in 1991, the government of India has introduced a series of reforms to liberalize and globalize the Indian economy. Reforms in the external sector have helped to integrate India into the world economy. In recognition of the growing importance of foreign trade in the Indian economy, this book provides a comprehensive description and analysis of post-independence developments in India's foreign trade and allied sectors with focus on the post-1991 period. The book covers: changing patterns of international trade . pre- and post-independence developments in India's foreign trade . compositional and directional shifts in Indian exports and imports . rationalization, simplification, and moderation of the customs tariff regime . capital account convertibility and flows . exchange rate determination and management . foreign exchange reserves . external debt and aid . foreign direct investment . globalization and international trade . the global economic crisis and international trade . India's Regional Trade Agreements . and the World Trade Organization and India's foreign trade. The book also contains: an annual review of developments in India's foreign trade from 1947-48 to 2008-09, appendices containing relevant information on India's foreign trade, a glossary of trade-related terms, and time-series statistics of India's foreign trade.