Osmania Journal of International Business Studies
Open Access
  • Year: 2009
  • Volume: 4
  • Issue: 1

Growth of Indian foreign trade in the post liberalization period

  • Author:
  • K. V. Sasidhar1, G. Srinivas2

1Department of Economics, University College Mahatma Gandhi University, Nalgonda.

2Department of Economics, Nagarjuna Junior College, Miryala guda District. Nalgonda.

Abstract

In the pre-independence period India exports much of the handicrafts, Jewelry, spices and etc to the foreigners. After the existence of East India Company, India turned into as colonial economy. The British rulers transformed India'a's wealth in terms of Home charges. Hence India became imports market rather than the port market under British rule. After Independence, India has been adopted Planning sys m for its economic development. India imports Capital goods, Defence equipments and raw materials. Exports remained relatively exportable surplus, competition in the International market, inflation at home and increasing protectionism policy of the Government. After 1990's as part of Globalization India decided to take LPG (Liberalization, Privatization, Globalization) policy and introduced new economic reforms since 1991 for its rapid growth, improving overall productivity, competitiveness and efficiency of the economy. By introduction of economic reforms, India had been completed two successful generations of reforms. And Indian economy achieved fastest growth rate 9 percent in between 2006–08 and became second largest economy in the world.