what are the changes takes place in last 15 year in Indian trade policy ?
Answers
Answer:
Explanation:
he patterns of India’s foreign trade have changed in the past three decades. Exchange with emerging markets and developing countries has expanded spectacularly. India’s imports, however, have expanded faster than the exports, so balance-of-payments problems may make the economy vulnerable.
From independence in 1947 to the early 1990s, India was basically a closed economy that was governed according to socialist principles. Liberalisation began in the 1980s and then accelerated in the early 1990s. A balance of payment crisis forced the government to lend from the International Monetary Fund and the World Bank. The international financial institutions forced it to introduce reforms. Manmohan Singh, then the finance minister, used the opportunity to entrench liberal principles in economic policymaking (see interview with Salman Anees Soz in Focus section of D+C/E+Z e-Paper 2018/08).