Foreign Trade Policy And Trends In India

Over the last 60 years, India's foreign trade has undergone a complete change in terms of composition and direction. The exports cover a wide range of traditional and non-traditional items while imports consist mainly of capital goods, petroleum products, raw materials, and chemicals to meet the ever-increasing needs of a developing and diversifying economy. In recognition of the growing importance of the foreign trade in driving the economy, this book describes and examines changes in the pattern of India's foreign trade since Independence in 1947, with focus on post-1991 developments. The book addresses issues related to trade policy, export strategy, tariff policy, current account dynamics, exchange rate management, foreign exchange reserves, capital account liberalization, external debt and aid, foreign investments (both direct and portfolio), and the WTO.

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 post-1991 period. The book covers the following specific topics: Changing Pattern of International Trade; Pre- and Post-Independence Developments in India's Foreign Trade; Compositional and Directional Shifts in Exports from India; Compositional and Policy Shifts in Imports into India; Foreign Trade Policy in Recent Years; Rationalisation, Simplification and Moderation of Customs Tariff Regime; Current Account Convertibility and Flows; Capital Account Convertibility and Flows; Exchange Rate Determination and Management; Foreign Exchange Reserves; External Debt and Aid; Foreign Direct Investment (FDI) and Foreign Portfolio Investment. The book provides special coverage to the following topics: (a) Globalisation and International Trade, (b) Global Economic Crisis and International Trade, (c) India's Regional Trade Agreements (RTAs), (d) World Trade Organisation (WTO) and India's Foreign Trade and (e) Global Economic Crisis and the Indian Economy.

For about 40 years, foreign trade of India suffered from strict bureaucratic and discretionary controls. Beginning in 1991, the government introduced a series of reforms to liberalize and globalize the Indian economy. Reforms in the external sector were intended to integrate the country's economy with the world economy. The major trade policy changes in the post-1991 period have included simplification of procedures, removal of quantitative restrictions, and substantial reduction in the tariff rates. The products wherein India has the maximum presence in the international market in terms of export share are spices, marine products, precious/semi-precious stones, and textiles. Recent trends, however, indicate that the commodity structure of India's exports has slowly begun to shift towards higher technology intensive manufacturing. This book focuses on the country's export policy, since the greatest challenge facing its economy is to enhance its productivity and competitiveness, so as to achieve a sustained growth in the exports of goods and services. [Subject: India Studies, Economics, Trade]

Prior To Mid-1991, Foreign Trade Of India Suffered From Strict Bureaucratic And Discretionary Controls. To Reduce Controls, Simplify Procedure And To Create A Congenial Environment For Trade, The Government Made A Statement On Trade Policy In Parliament On August 13, 1991, Ushering A New Era In The Foreign Trade Policy Of India. In Early 2002, The Government Announced A Medium-Term Export Strategy (Mtes) For 2002-07, Providing A Vision For Creating A Stable Policy Environment With Indicative Sector-Wise Targets For Achieving 1 Per Cent Share For India In World Trade By 2007. The New Exim Policy 2002-07 Also Seeks To Usher In An Environment Free Of Restrictions And Controls. This Book Covers The Past, The Present And The Future Of India`S Forign Trade, With Focus On Developments Since 1991. More Importantly, It Discusses The Interface Between India`S Foreign Policy And Rules And Regulations Of Wto. It Also Looks To The Future Of India`S Foreign Trade In The Context Of Wto-Related Current Issues.