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India's Reform of External Sector Policies and Future Multilateral Trade Negotiations

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  • T.N. Srinivasan

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    (Economic Growth Center, Yale University)

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    Abstract

    I evaluate India's transition from an inward-oriented development strategy to greater participation in the world economy. While tariff rates have decreased significantly over the past decade, India is still one of the more autarkic countries. Despite improvement over the past in export performance, India continues to lag behind its South- and East Asian neighbors. Second, official debt flows have been largely replaced by foreign direct investment (FDI) and portfolio investment in the 1990s. India's ability to attract FDI would be greatly enhanced by further reforms. I argue that India's participation in a future round of multilateral trade negotiations would benefit India. I outline the further reforms most needed: reform of labour and bankruptcy laws, real privatization, and fiscal consolidation. These involve taking on entrenched vested interests, including political parties and governments in states. Enacting them requires political courage and risk taking which in India, as in most societies, are rare.

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    File URL: http://www.econ.yale.edu/growth_pdf/cdp830.pdf
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    Bibliographic Info

    Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 830.

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    Length: 72 pages
    Date of creation: Jun 2001
    Date of revision:
    Handle: RePEc:egc:wpaper:830

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    Related research

    Keywords: India; Antidumping; Developing Countries; Economic Reform; Export Performance; Foreign Direct Investment; Intellectual Property Rights; Multilateral Trade Negotiations; Quantitative Restrictions; Real Exchange Rate; Tariff and Non-tariff Barriers; World Trade Organization;

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    1. Mattoo, Aaditya & Subramanian, Arvind, 2000. "India and the multilateral trading system after Seattle - toward a proactive role," Policy Research Working Paper Series 2379, The World Bank.
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    Cited by:
    1. Ramkishen S. Rajan & Sadhana Srivastava, 2010. "Implications Of The Economic Rise Of The PRC For Asean and India: Trade and Foreign Direct Investment," Working Papers id:2680, eSocialSciences.
    2. Barry Reilly & Puja Vasudeva Dutta, 2005. "The Gender Pay Gap and Trade Liberalisation: Evidence for India," PRUS Working Papers 32, Poverty Research Unit at Sussex, University of Sussex.
    3. Wacziarg, Romain, 2002. "India in the World Trading System," Research Papers 1760, Stanford University, Graduate School of Business.
    4. Puja Vasudeva Dutta, 2007. "Trade Protection and Inter-Industry Wages in India," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 60(2), pages 268-286, January.
    5. Jayanta Roy & Pritam Banerjee, 2013. "Why Isn’t India a Major Global Player? The Political Economy of Trade Liberalization," RSCAS Working Papers 2013/84, European University Institute.

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