The impact of a decade of India's trade reforms

Abstract

For almost half a century, India maintained one of the restrictive trade regimes in the world. It imposed a system of high tariffs and stiff nontariff barriers such as licensing and quotas, which virtually closed the economy from the international trade arena. India implemented economic reform since the middle of 1991, and has made drastic changes in trade policy to reorient itself to integrate with the global economy. While reviewing the trade policy measures, an important empirical question that is investigated in this paper is: How open has India’s trade been after a decade of economic reforms? Show more