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India

In: Coping with Trade Reforms

Author

Listed:
  • Veena Jha

Abstract

With a population of over 1 billion people, India is the second most populous country in the world. However, prior to the reforms of 1991, the economy had only grown at some 3.6 per cent a year over the previous 30 years. The 1991 economic reforms were intended to put the Indian economy on a path to sustainable growth and to address long-standing fiscal and current-account imbalances. The reforms encompassed liberalization in areas such as the exchange rate regime, foreign investment, industrial policy, external borrowing, import licensing, import tariffs and export subsidies. The sequencing of the reform process, whereby fiscal and monetary reforms preceded trade liberalization has been said to explain India’s ‘soft landing’ (Stiglitz, 2003). The unilateral liberalization also coincided with the Uruguay Round of Trade Negotiations (1986–1994), which, inter alia, resulted in binding non-optional agreements on a comprehensive array of issues such as goods (including agricultural goods), services, trade-related investment measures (TRIMs) and trade-related aspects of intellectual property rights (TRIPS).

Suggested Citation

  • Veena Jha, 2006. "India," Palgrave Macmillan Books, in: Sam Laird & Santiago Fernández Córdoba (ed.), Coping with Trade Reforms, chapter 7, pages 124-139, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37780-6_8
    DOI: 10.1057/9780230377806_8
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