Question

Why did the Indian Government remove barriers to a large extent on foreign trade and foreign investment ? 

Answer 1

# In 1991, The Indian Government decided that the time had come for Indian producers to compete with producers around the globe.
# It felt that competition would improve the performance of the producers within the country since they would have to improve their quality.
# This decision was supported by powerful international organisation like the WTO (World Trade Organisation).
         Thus, barriers on foreign trade and foreign investment were removed to a large extent. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices here.
       Still India has a trade barrier on the agricultural products as the Indian farmers are not yet ready to the competition and if the trade barrier would have been removed, The Chinese would fill the Indian market with better quality at lower rates.

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