In this article we will discuss about the trade reforms in India. The policy of economic liberalisation was put into operation with effect from 1991. A highly crucial aspect of economic liberalisation is the liberalisation in the field of foreign trade. Two basic components of the import policy of the government of India before 1991 were import restriction and import- [...]
The trade reforms initiated in the country since the beginning of 1990's were directed to achieve the basic objective of bringing about definite and permanent improvement in trade and payments situation in the country. The impact of the liberalisation of trade policies upon the economy of the country is as follows: Impact # 1. Shift Front Inward-Looking Trade Policies to [...]
Trade policy plays an important role in achieving the objectives of rapid economic growth and self-reliance. It is on the basis of these static and dynamic gains of trade that case for free trade or liberalisation of trade has been built. When a country specialises on the basis of its comparative cost or production efficiency and export and import accordingly, [...]