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FOREIGN TRADE IN INDIA: 1991 - 2014 KULWINDER SINGH

By: Publication details: NEW CENTURY PUBLICATIONS 2014 NEW DELHIDescription: XXII, 260 P. HARDISBN:
  • 978-81-7708-394-1
Subject(s): DDC classification:
  • 382
Contents:
CONTENTS 1. Recent Developments in the Pattern of International Trade 1.1 Revival of World Trade after Second World War 1.2 Trade Openness 1.2.1 Developing Countries and Trade Openness 1.3 Emergence of World Trade Organization (WTO) 1.4 Globalization and International Trade 1.4.1 Meaning of Globalization 1.4.2 Dimensions and Features of Globalization 1.4.3 Globalization and Developing Countries 1.4.4 Globalization and the Poor 1.4.5 Future of Globalization 1.5 Global Economic Crisis and International Trade 1.5.1 Period Preceding the Crisis 1.5.2 Genesis of the Crisis 1.5.3 Contagious Nature of Crisis and the Rejection of De-coupling Theory 1.5.4 Intensity of the Crisis 1.5.5 Damage Control Measures at World Level 1.6 Future Scenario of World Trade 2. India’s Foreign Trade: 1950-1990 2.1 Impact of Partition of the Country 2.2 Depletion of Sterling Balances 2.3 Empire Dollar Pool 2.4 Devaluation of the Rupee in September 1949 2.5 Korean War and the Export Boom 2.6 Trade Agreement with Pakistan, 1950 2.7 Devaluation of the Rupee in June 1966 2.8 Import Substitution: Cornerstone of Trade Policy 2.9 Balance of Payments Crisis, 1991 3. Trade Liberalization and Reforms since 1991 3.1 Initiation of Reforms in the Foreign Trade Sector 3.2 EXIM Policy, 1992-97 3.3 EXIM Policy, 1997-2002 3.3.1 Objectives 3.3.2 Salient Features 3.4 Modified EXIM Policy, April 1998 3.5 EXIM Policy, 1999-2000 3.6 EXIM Policy, 2000-01 3.6.1 Export Promotion 3.6.2 Import Liberalisation 3.7 EXIM Policy, 2001-02 3.7.1 Removal of Quantitative Restrictions 3.7.2 Agricultural Export Zones 3.8 EXIM Policy, 2002-07 3.8.1 Special Economic Zones (SEZs) 3.8.2 Employment Generation 3.8.3 Technology Upgradation 3.8.4 Growth-oriented 3.9 EXIM Policy, 2003-04 3.10 Mini EXIM Policy, January 2004 3.11 Foreign Trade Policy (FTP) 2004-09 3.11.1 Objectives and Strategy 3.11.2 Special Focus Initiatives 3.11.3 New Export Promotion Schemes 3.11.4 Simplification, Rationalization and Modifications of Ongoing Schemes 3.11.5 Simplification of Rules and Procedures and Institutional Measures 3.12 Annual Supplement 2005-06 to the Foreign Trade Policy, 2004-09 3.13 Annual Supplement 2006-07 to the Foreign Trade Policy, 2004-09 3.14 Annual Supplement 2007-08 to the Foreign Trade Policy, 2004-09 3.14.1 Objectives 3.14.2 Strategy 3.14.3 Partnership 3.14.4 Roadmap 3.15 Annual Supplement 2008-09 to the Foreign Trade Policy, 2004-09 3.16 Trade Facilitation Measures, February 2009 3.17 Foreign Trade Policy (FTP), 2009-14 3.18 Annual Supplement 2013-14 to the Foreign Trade Policy (FTP), 2009-14 3.19 Gender Sensitization of Trade Policy 4. Legal Framework and Institutional Set-up for Trade Promotion 4.1 Constitutional Provisions and the Law 4.2 Department of Commerce, Ministry of Commerce and Industry 4.3 Attached and Subordinate Offices of the Department of Commerce 4.3.1 Attached Offices 4.3.2 Subordinate Offices 4.4 Autonomous Bodies 4.4.1 Commodity Boards 4.4.2 Marine Products Export Development Authority, Cochin 4.4.3 Agricultural and Processed Food Products Export Development Authority (APEDA) 4.4.4 Export Inspection Council (EIC), New Delhi 4.4.5 Indian Institute of Foreign Trade (IIFT), New Delhi 4.4.6 Indian Institute of Packaging (IIP), Mumbai 4.5 Public Sector Undertakings 4.5.1 State Trading Corporation (STC) of India 4.5.2 Minerals and Metals Trading Corporation (MMTC) 4.5.3 Project and Equipment Corporation (PEC) of India 4.5.4 Export Credit Guarantee Corporation (ECGC) of India 4.5.5 India Trade Promotion Organization (ITPO) 4.6 Export Promotion Councils (EPCs) 4.7 Advisory Bodies 4.7.1 Board of Trade (BOT) 4.7.2 Inter-State Trade Council 4.8 Other Organisations 4.8.1 Federation of Indian Export Organisation (FIEO) 4.8.2 Indian Council of Arbitration (ICA), New Delhi 4.8.3 Indian Diamond Institute (IDI), Surat 4.8.4 Footwear Design and Development Institute (FDDI) 4.8.5 National Centre for Trade Information (NCTI) 4.8.6 Price Stabilization Fund (PSF) Trust 4.8.7 GS1-India 5. Composition and Destination of India’s Exports 5.1 Post-Independence Export Performance at a Glance 5.2 Composition of Exports: Commodity-wise Description 5.2.1 Project Exports from India 5.2.2 India’s IT Sector 5.2.3 Gems and Jewellery: Recent Export Measures 5.2.4 Pharmaceutical Industry 5.2.5 Engineering Goods 5.2.6 Chemicals 5.2.7 Electronics Goods 5.2.8 Leather 5.2.9 Readymade Garments 5.2.10 Carpets 5.2.11 Agriculture Exports 5.3 Destination of Exports 6. Export Promotional Strategy and Concerns 6.1 Export Strategy and Concerns 6.1.1 Reservations for Small-Scale Industries and Export Growth 6.1.2 Competitiveness of Exports 6.1.3 Medium-Term Export Strategy (MTES) 6.2 Credit Flow to Export Sector 6.2.1 Working Group to Review Export Credit, 2005 6.3 Future of India’s Exports 7. Composition and Origin of India’s Imports 7.1 Euphoria for Import Substitution 7.2 Reduction in Tariff and Non-tariff Barriers 7.3 Composition of Imports 7.3.1 Gem and Jewellery 7.4 Import Intensity of Exports in India 7.5 Origin of Imports 7.6 Agricultural Imports 7.6.1 Protecting Domestic Agriculture 7.7 Future of India’s Imports 8. India’s Customs Tariff Policy 8.1 Various Types of Customs Duties 8.1.1 Basic Customs Duty 8.1.2 Additional (Countervailing) Duty of Customs 8.1.3 Export Duty 8.1.4 Cesses on Exports 8.2 Post-liberalisation Reduction and Rationalisation of Import Tariff 8.2.1 Off-budget Package of Tax Concessions, January 2004 8.3 Recent Thinking on Customs Tariff 8.3.1 Customs Tariff Report, 2002 8.3.2 Import Duty Structure Recommended by Task Force on Indirect Taxes (Chairman: Vijay Kelkar), 2002 8.4 Export Tariff Policy 9. Foreign Exchange Market in India 9.1 Importance and Challenges of Exchange Rate Policy 9.2 Exchange Rate Management: The Indian Experience 9.2.1 Brief History 9.2.2 Balance of Payments Crisis, 1991 9.3 Structure of India’s Foreign Exchange Market 9.4 Measures Undertaken to Develop the Indian Foreign Exchange Market 9.5 Hedging for Foreign Currency Exposure 9.6 Hedging Facilities for Authorised Dealers (ADs) 9.7 Hedging Facilities for Non-Residents 9.8 Declining Value of Rupee 9.9 Foreign Exchange Dealers’ Association of India 10. World Trade Organization (WTO) and India 10.1 Basics of WTO 10.2 Agreements on Agriculture at WTO 10.2.1 Agreement of Agriculture (AoA) 10.2.2 Aggregate Measure of Support (AMS) 10.2.3 Green Box Support 10.2.4 Blue Box Support 10.2.5 Special and Differential Treatment Box Support 10.2.6 Export Competition 10.3 Agriculture at Hong Kong Ministerial Conference of WTO 10.4 India’s Stand on Agricultural Issues 10.5 Non-Agricultural Market Access (NAMA) 10.6 Non-tariff Barriers 10.7 Services 10.8 Anti-dumping and Subsidies Agreements 10.9 Trade Related Aspects of Intellectual Property Rights (TRIPS) and Public Health 10.10 Agreement on Textiles and Clothing (ATC) 10.11 Textile Sector in the Post-Quota Era 10.11.1 Implications for India 10.11.2 Measures Taken by the Government 10.12 Revised Draft Modalities Texts on Agriculture and Non-Agricultural Market Access (NAMA), 2008 10.13 Fifth Trade Policy Review (TPR) of India 10.14 Recent WTO Negotiations and India 10.14.1 Eighth Ministerial Conference, Geneva, December 2011 10.14.2 Ninth Ministerial Conference, Bali, December 2013 11. India’s Regional Trade Agreements (RTAs) 11.1 India’s Look East Policy 11.2 South Asia Free Trade Area (SAFTA) 11.2.1 Rules of Origin 11.2.2 Mechanism for Compensation of Revenue Loss (MCRL) for the Least Developed Contracting States 11.2.3 Technical Assistance to Least Developed Contracting States in Agreed Areas 11.2.4 Implementation of SAFTA Agreement 11.3 Association of South East Asian Nations (ASEAN) and India 11.4 India-Sri Lanka Free Trade Agreement (ISLFTA) 11.5 India-Thailand Comprehensive Economic Cooperation Agreement (CECA) 11.6 Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Free Trade Agreement (FTA) 11.7 India-Singapore Comprehensive Economic Cooperation Agreement (CECA) 11.8 Asia Pacific Trade Agreement (APTA) 11.9 India-Chile Preferential Trade Agreement (PTA) 11.10 India-South Korea Comprehensive Economic Partnership Agreement (CEPA) 11.11 India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) 11.12 India-Japan Comprehensive Economic Cooperation Agreement (CECA) 11.13 India-Malaysia Comprehensive Economic Cooperation Agreement (CECA) 11.14 India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) 11.15 India-SACU Preferential Trade Agreement (PTA) Negotiations 11.16 India-Pakistan Trading Arrangement 11.17 India-Nepal Treaty of Trade 11.18 India-EU Broad-based Trade and Investment Agreement 11.19 India-European Free Trade Association (EFTA) Negotiations on Broad-based Bilateral Trade and Investment Agreement (BTIA) 11.20 India-New Zealand Free Trade Agreement 11.21 India-Canada Comprehensive Economic Partnership Agreement (CEPA) 11.22 India-Australia Comprehensive Economic Cooperation Agreement (CECA) 11.23 India-Israel Free Trade Agreement (FTA) Negotiations 11.24 Global System of Trade Preferences (GSTP) 11.25 Regional Comprehensive Economic Partnership (RCEP) Appendix 1: Year-wise Review of Developments in India’s Foreign Trade: 1991-92 to 2013-14 Appendix 2: Glossary of Trade-related Terms Appendix 3: A Note on Electronic Commerce (E-commerce) Bibliography Index
Summary: Foreign trade is considered as a catalyst agent for sustaining and accelerating economic growth. The world economy has changed rapidly both in horizontal and vertical spectrum. The changes in the world economy have made it clear that no nation can isolate itself completely from the rest of the world and survive. The recent explosion of the information technology has generated new waves of dynamism and reduced virtually the entire world into a global village. This process of increasing economic integration and growing economic interdependence among the nations of the world is widely known as globalization. Trade is an outstanding feature of internationalization of economic system. All the factors of production are not adequately available in a country. Hence, for grafting their varied needs, countries engage in international trade. International trade mitigates the disadvantages of disproportionate geographical distribution of productive resources. International trade decidedly increases the exchangeable value of possessions, means of enjoyment and wealth of the countries concerned. For about 40 years (1950-1990), foreign trade of India suffered from strict bureaucratic and discretionary controls. Beginning 1991, the Government of India introduced a series of reforms to liberalise and globalise the Indian economy. India’s approach to openness has been cautious, contingent on achieving certain preconditions to ensure an orderly process of liberalisation and ensuring macroeconomic stability. The broad approach to reforms in the foreign trade sector was laid out in the Report of the High Level Committee on Balance of Payments (Chairman: C. Rangarajan), 1993. The major trade policy changes in the post-1991 period have included simplification of procedures, removal of quantitative restrictions, substantial reduction in the tariff rates, liberal inflows of private capital, shift towards market-determined exchange rate, focus on export growth and entering into regional trade agreements (RTAs). In view of the growing importance of foreign trade in the Indian economy, this book provides a comprehensive description and analysis of post-1991 developments in India’s foreign trade.
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Item type Current library Collection Call number Status Date due Barcode Item holds
Book Book Main Library SOCIOLOGY (CUP /SH ) 382/ SIN/ 23618 (Browse shelf(Opens below)) Available 11123618
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CONTENTS

1. Recent Developments in the Pattern of International Trade
1.1 Revival of World Trade after Second World War
1.2 Trade Openness
1.2.1 Developing Countries and Trade Openness
1.3 Emergence of World Trade Organization (WTO)
1.4 Globalization and International Trade
1.4.1 Meaning of Globalization
1.4.2 Dimensions and Features of Globalization
1.4.3 Globalization and Developing Countries
1.4.4 Globalization and the Poor
1.4.5 Future of Globalization
1.5 Global Economic Crisis and International Trade
1.5.1 Period Preceding the Crisis
1.5.2 Genesis of the Crisis
1.5.3 Contagious Nature of Crisis and the Rejection of De-coupling Theory
1.5.4 Intensity of the Crisis
1.5.5 Damage Control Measures at World Level
1.6 Future Scenario of World Trade

2. India’s Foreign Trade: 1950-1990
2.1 Impact of Partition of the Country
2.2 Depletion of Sterling Balances
2.3 Empire Dollar Pool
2.4 Devaluation of the Rupee in September 1949
2.5 Korean War and the Export Boom
2.6 Trade Agreement with Pakistan, 1950
2.7 Devaluation of the Rupee in June 1966
2.8 Import Substitution: Cornerstone of Trade Policy
2.9 Balance of Payments Crisis, 1991

3. Trade Liberalization and Reforms since 1991
3.1 Initiation of Reforms in the Foreign Trade Sector
3.2 EXIM Policy, 1992-97
3.3 EXIM Policy, 1997-2002
3.3.1 Objectives
3.3.2 Salient Features
3.4 Modified EXIM Policy, April 1998
3.5 EXIM Policy, 1999-2000
3.6 EXIM Policy, 2000-01
3.6.1 Export Promotion
3.6.2 Import Liberalisation
3.7 EXIM Policy, 2001-02
3.7.1 Removal of Quantitative Restrictions
3.7.2 Agricultural Export Zones
3.8 EXIM Policy, 2002-07
3.8.1 Special Economic Zones (SEZs)
3.8.2 Employment Generation
3.8.3 Technology Upgradation
3.8.4 Growth-oriented
3.9 EXIM Policy, 2003-04
3.10 Mini EXIM Policy, January 2004
3.11 Foreign Trade Policy (FTP) 2004-09
3.11.1 Objectives and Strategy
3.11.2 Special Focus Initiatives
3.11.3 New Export Promotion Schemes
3.11.4 Simplification, Rationalization and Modifications of Ongoing Schemes
3.11.5 Simplification of Rules and Procedures and Institutional Measures
3.12 Annual Supplement 2005-06 to the Foreign Trade Policy, 2004-09
3.13 Annual Supplement 2006-07 to the Foreign Trade Policy, 2004-09
3.14 Annual Supplement 2007-08 to the Foreign Trade Policy, 2004-09
3.14.1 Objectives
3.14.2 Strategy
3.14.3 Partnership
3.14.4 Roadmap
3.15 Annual Supplement 2008-09 to the Foreign Trade Policy, 2004-09
3.16 Trade Facilitation Measures, February 2009
3.17 Foreign Trade Policy (FTP), 2009-14
3.18 Annual Supplement 2013-14 to the Foreign Trade Policy (FTP), 2009-14
3.19 Gender Sensitization of Trade Policy

4. Legal Framework and Institutional Set-up for Trade Promotion
4.1 Constitutional Provisions and the Law
4.2 Department of Commerce, Ministry of Commerce and Industry
4.3 Attached and Subordinate Offices of the Department of Commerce
4.3.1 Attached Offices
4.3.2 Subordinate Offices
4.4 Autonomous Bodies
4.4.1 Commodity Boards
4.4.2 Marine Products Export Development Authority, Cochin
4.4.3 Agricultural and Processed Food Products Export Development Authority (APEDA)
4.4.4 Export Inspection Council (EIC), New Delhi
4.4.5 Indian Institute of Foreign Trade (IIFT), New Delhi
4.4.6 Indian Institute of Packaging (IIP), Mumbai
4.5 Public Sector Undertakings
4.5.1 State Trading Corporation (STC) of India
4.5.2 Minerals and Metals Trading Corporation (MMTC)
4.5.3 Project and Equipment Corporation (PEC) of India
4.5.4 Export Credit Guarantee Corporation (ECGC) of India
4.5.5 India Trade Promotion Organization (ITPO)
4.6 Export Promotion Councils (EPCs)
4.7 Advisory Bodies
4.7.1 Board of Trade (BOT)
4.7.2 Inter-State Trade Council
4.8 Other Organisations
4.8.1 Federation of Indian Export Organisation (FIEO)
4.8.2 Indian Council of Arbitration (ICA), New Delhi
4.8.3 Indian Diamond Institute (IDI), Surat
4.8.4 Footwear Design and Development Institute (FDDI)
4.8.5 National Centre for Trade Information (NCTI)
4.8.6 Price Stabilization Fund (PSF) Trust
4.8.7 GS1-India

5. Composition and Destination of India’s Exports
5.1 Post-Independence Export Performance at a Glance
5.2 Composition of Exports: Commodity-wise Description
5.2.1 Project Exports from India
5.2.2 India’s IT Sector
5.2.3 Gems and Jewellery: Recent Export Measures
5.2.4 Pharmaceutical Industry
5.2.5 Engineering Goods
5.2.6 Chemicals
5.2.7 Electronics Goods
5.2.8 Leather
5.2.9 Readymade Garments
5.2.10 Carpets
5.2.11 Agriculture Exports
5.3 Destination of Exports

6. Export Promotional Strategy and Concerns
6.1 Export Strategy and Concerns
6.1.1 Reservations for Small-Scale Industries and Export Growth
6.1.2 Competitiveness of Exports
6.1.3 Medium-Term Export Strategy (MTES)
6.2 Credit Flow to Export Sector
6.2.1 Working Group to Review Export Credit, 2005
6.3 Future of India’s Exports

7. Composition and Origin of India’s Imports
7.1 Euphoria for Import Substitution
7.2 Reduction in Tariff and Non-tariff Barriers
7.3 Composition of Imports
7.3.1 Gem and Jewellery
7.4 Import Intensity of Exports in India
7.5 Origin of Imports
7.6 Agricultural Imports
7.6.1 Protecting Domestic Agriculture
7.7 Future of India’s Imports

8. India’s Customs Tariff Policy
8.1 Various Types of Customs Duties
8.1.1 Basic Customs Duty
8.1.2 Additional (Countervailing) Duty of Customs
8.1.3 Export Duty
8.1.4 Cesses on Exports
8.2 Post-liberalisation Reduction and Rationalisation of Import Tariff
8.2.1 Off-budget Package of Tax Concessions, January 2004
8.3 Recent Thinking on Customs Tariff
8.3.1 Customs Tariff Report, 2002
8.3.2 Import Duty Structure Recommended by Task Force on Indirect Taxes (Chairman: Vijay Kelkar), 2002
8.4 Export Tariff Policy

9. Foreign Exchange Market in India
9.1 Importance and Challenges of Exchange Rate Policy
9.2 Exchange Rate Management: The Indian Experience
9.2.1 Brief History
9.2.2 Balance of Payments Crisis, 1991
9.3 Structure of India’s Foreign Exchange Market
9.4 Measures Undertaken to Develop the Indian Foreign Exchange Market
9.5 Hedging for Foreign Currency Exposure
9.6 Hedging Facilities for Authorised Dealers (ADs)
9.7 Hedging Facilities for Non-Residents
9.8 Declining Value of Rupee
9.9 Foreign Exchange Dealers’ Association of India

10. World Trade Organization (WTO) and India
10.1 Basics of WTO
10.2 Agreements on Agriculture at WTO
10.2.1 Agreement of Agriculture (AoA)
10.2.2 Aggregate Measure of Support (AMS)
10.2.3 Green Box Support
10.2.4 Blue Box Support
10.2.5 Special and Differential Treatment Box Support
10.2.6 Export Competition
10.3 Agriculture at Hong Kong Ministerial Conference of WTO
10.4 India’s Stand on Agricultural Issues
10.5 Non-Agricultural Market Access (NAMA)
10.6 Non-tariff Barriers
10.7 Services
10.8 Anti-dumping and Subsidies Agreements
10.9 Trade Related Aspects of Intellectual Property Rights (TRIPS) and Public Health
10.10 Agreement on Textiles and Clothing (ATC)
10.11 Textile Sector in the Post-Quota Era
10.11.1 Implications for India
10.11.2 Measures Taken by the Government
10.12 Revised Draft Modalities Texts on Agriculture and Non-Agricultural Market Access (NAMA), 2008
10.13 Fifth Trade Policy Review (TPR) of India
10.14 Recent WTO Negotiations and India
10.14.1 Eighth Ministerial Conference, Geneva, December 2011
10.14.2 Ninth Ministerial Conference, Bali, December 2013

11. India’s Regional Trade Agreements (RTAs)
11.1 India’s Look East Policy
11.2 South Asia Free Trade Area (SAFTA)
11.2.1 Rules of Origin
11.2.2 Mechanism for Compensation of Revenue Loss (MCRL) for the Least Developed Contracting States
11.2.3 Technical Assistance to Least Developed Contracting States in Agreed Areas
11.2.4 Implementation of SAFTA Agreement
11.3 Association of South East Asian Nations (ASEAN) and India
11.4 India-Sri Lanka Free Trade Agreement (ISLFTA)
11.5 India-Thailand Comprehensive Economic Cooperation Agreement (CECA)
11.6 Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Free Trade Agreement (FTA)
11.7 India-Singapore Comprehensive Economic Cooperation Agreement (CECA)
11.8 Asia Pacific Trade Agreement (APTA)
11.9 India-Chile Preferential Trade Agreement (PTA)
11.10 India-South Korea Comprehensive Economic Partnership Agreement (CEPA)
11.11 India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)
11.12 India-Japan Comprehensive Economic Cooperation Agreement (CECA)
11.13 India-Malaysia Comprehensive Economic Cooperation Agreement (CECA)
11.14 India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA)
11.15 India-SACU Preferential Trade Agreement (PTA) Negotiations
11.16 India-Pakistan Trading Arrangement
11.17 India-Nepal Treaty of Trade
11.18 India-EU Broad-based Trade and Investment Agreement
11.19 India-European Free Trade Association (EFTA) Negotiations on Broad-based Bilateral Trade and Investment Agreement (BTIA)
11.20 India-New Zealand Free Trade Agreement
11.21 India-Canada Comprehensive Economic Partnership Agreement (CEPA)
11.22 India-Australia Comprehensive Economic Cooperation Agreement (CECA)
11.23 India-Israel Free Trade Agreement (FTA) Negotiations
11.24 Global System of Trade Preferences (GSTP)
11.25 Regional Comprehensive Economic Partnership (RCEP)

Appendix 1: Year-wise Review of Developments in India’s Foreign Trade: 1991-92 to 2013-14

Appendix 2: Glossary of Trade-related Terms

Appendix 3: A Note on Electronic Commerce (E-commerce)

Bibliography

Index

Foreign trade is considered as a catalyst agent for sustaining and accelerating economic growth. The world economy has changed rapidly both in horizontal and vertical spectrum. The changes in the world economy have made it clear that no nation can isolate itself completely from the rest of the world and survive. The recent explosion of the information technology has generated new waves of dynamism and reduced virtually the entire world into a global village. This process of increasing economic integration and growing economic interdependence among the nations of the world is widely known as globalization.

Trade is an outstanding feature of internationalization of economic system. All the factors of production are not adequately available in a country. Hence, for grafting their varied needs, countries engage in international trade. International trade mitigates the disadvantages of disproportionate geographical distribution of productive resources. International trade decidedly increases the exchangeable value of possessions, means of enjoyment and wealth of the countries concerned.

For about 40 years (1950-1990), foreign trade of India suffered from strict bureaucratic and discretionary controls. Beginning 1991, the Government of India introduced a series of reforms to liberalise and globalise the Indian economy. India’s approach to openness has been cautious, contingent on achieving certain preconditions to ensure an orderly process of liberalisation and ensuring macroeconomic stability. The broad approach to reforms in the foreign trade sector was laid out in the Report of the High Level Committee on Balance of Payments (Chairman: C. Rangarajan), 1993.

The major trade policy changes in the post-1991 period have included simplification of procedures, removal of quantitative restrictions, substantial reduction in the tariff rates, liberal inflows of private capital, shift towards market-determined exchange rate, focus on export growth and entering into regional trade agreements (RTAs).

In view of the growing importance of foreign trade in the Indian economy, this book provides a comprehensive description and analysis of post-1991 developments in India’s foreign trade.

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