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
Define the interpreting the price elasticity of demand. Interpreting the Price Elasticity of Demand: Demand is: a. Elastic when the price elasticity of demand is greater

Only two identical firms i = A;B, each with marginal cost MCi = 40 and no fixed cost, operate in a market with demand: Q     p 1    160 2    120 3     90 4     70

1. Given the following production function: Y = K1/4 L3/4 Find the following: a. Per worker production function. b. Steady-state capital-labor ratio as a function of d and

Q. What do you meant by Investment? When we use the word investment, we characteristically mean 'gross investment'. Fundamentally, gross investment comprises all finished goods

Steps to real wage rates to fall Wage 'stickiness' or wage inflexibility may stop the real wage rate falling to the full-employment wage rate. Stickiness or inflexibility is ca

INTERDEPENDENCE OF MACROECONOMICS AND MICROECONOMICS In microeconomics, the underlying assumption is that the total output, total employment and total spending are given. It th

Including different interest rates with different maturities would complicate the models however it wouldn't buy you very much. Because interest rates with different maturities are

Consider an economy that having only of those who bake bread and those who make its ingredients. Assume that this economy's production is as follows: 1 million loaves of bread

Firms in the circular flow We divide all firms into 3 categories: F R comprises all firms which acquire raw material (farm products, iron ore and so on), F H all those that p

let Y denote the number of "heads" that occur when two coins tossed. a) Derive the probability distribution of Y b) Derive the cumulative probability distribution of Y c)