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
Income and Substitution Effects of a Price Change Indifference curve analysis can be used to separate the income effect (IE) from substitution effect (SE). This is shown in Fig

suppose that a persons wealth is kshs. 50,000 and her yearly income is kshs. 60,000. suppose further that her money demand function is given by Md = y(0.35-i) where i= interest

what is the relevance of the lewis model

If the firm‘s lowest average cost is $52 and the corresponding average variable cost is $26, what does it pay a perfectly competitive firm to do if • The market price is $51?

Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations. The price of input A decreases.

Q. Describe about Components of GDP? By considering all arrows to and from the goods market we see that Y + I m = C + I + G + X. Left hand side is the value of all finishe

illustrate the effects of a reeal wage existing in the labour market if it is perfectly competitive

The Transmission Mechanism The mechanism by which the changes in monetary policy affect aggregate demand is called 'transmission mechanism'. Two stages in transmission mechanis

Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply of diamonds. Which of the following will occur as a result of these simultaneous even