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
Suppose that the desired capital stock is given as: K* = 0.3Y/i r Where Y = GDP, and i r is the real interest rate.  Suppose further that Y = $5 trillion and that i r

Assume that the demand for running shoes is highly inelastic and the supply curve for running shoes is highly elastic. Suppose that the tastes of the exercising public shift away f

The entire market is capture by a single firm which can produce at a constant average and marginal cost of AC = MC = 10. The firm faces a market demand curve given by Q = 60 ? P.



Determine Why banks raise their interest rates A way to explain why banks raise their interest rates is as follows. With higher overnight interest rates, it is more expensive fo

Q. Explain Reversed Say's Law? In the cross model, supply should instead follow demand. Cross model not only rejects Say's Law, it turns it entirely upside down. In the cross m

With the aid of a diagram explain the Philip''s curve


Government and Price-Determination can be understood as follows: The government might intervene in the market and mandate the maximum price (price ceiling) or the minimum price