Trade policy - summary, Macroeconomics

TRADE policy:

We are now in a position to sum up our analysis of India's trade policy. First, India's trade policy has always been very intricately related to India's basic development goals of achieving high rate of GDP growth and the removal of poverty.  Since India was specialized in primary production and therefore exports of primary products during the early years of our planning for industrialization, India followed a very restrictive import control regime since the second five year plan. Such policies had resulted in a very slow growth in output and India's share in the world trade has been continuously declining. There was however increasing realization of the fact that protectionist policies had led to growing industrial inefficiency resulting in slow growth performance. The economic crisis  of 199  1 and the remarkable economic  performance of  the East Asian countries  and the Chinese economy, which have followed vigorous export oriented strategy of growth by liberalizing their economies compelled Indian policy makers to initiate fundamental reform measures in India also. India has liberalized its economy in many dimensions and particularly it has liberalized its trading sector by eliminating all quotas and also progressively reducing the tariffs. These measures have resulted in higher growth performance and rapid transformation of the economy.

 

 

Posted Date: 11/9/2012 4:44:19 AM | Location : United States







Related Discussions:- Trade policy - summary, Assignment Help, Ask Question on Trade policy - summary, Get Answer, Expert's Help, Trade policy - summary Discussions

Write discussion on Trade policy - summary
Your posts are moderated
Related Questions
Consider the following: An economy is found to have output, y = 20000 Also assume that the government runs a deficit where tax revenue T= 4000 and government expenditures G=5000

Public policies often alter the costs and benefits of private actions. Why is it important for policymakers to consider both the direct and indirect effects of public policies? Sel

Economic functions of money - A medium of exchange This is its most important role. Without money we would live in a barter economy where we would have to trade goods and

In a sample of 80 people who have had strokes, the average cholesterol level was 250 with a standard deviation of 70. In order to test the hypothesis (at the 5% level of significan

Suppose the country club bills based on a sample of 4 members are: 358, 958, 665, 846. What is the standard deviation for this sample of bills? (please round your answer to 1 decim

Have the micro-finance institutions failed in their objectives?

detail givn the transaction demand

hi I just found an interesting problem on your page,(wood investments ... Mutch PLC) I would like to see the answer Could you please give me a quote for the answer?

According to Bowen, Leamer, and Sveikauskas, which of the following is true? a. A nation indirectly exports its most abundant factors of production. b. A nation indirectly im

Illustrate the problem for UK economic performance This is a foremost problem for UK economic performance and helps elucidate the persistent deficit on the current account of