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India’s Trade Policy in the 21st Century
Author: Amita Batra
Publisher: Routledge
Pages: 180
Price: £96
About three decades ago, India’s trade policy was liberalised in response to a major economic crisis. In the summer of 1991, India faced an unprecedented balance of payments problem, made worse by a rapid widening of the Union government’s fiscal deficit. The Indian rupee was devalued sharply in two phases and export subsidies were abolished. In the following few years, import licensing was substantially relaxed, import duties were slashed and the Indian rupee was gradually made fully convertible on the current account.
India’s exports, which were just about 6 per
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