India's Reform of External Sector Policies and Future Multilateral Trade Negotiations
AbstractI 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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Bibliographic InfoPaper provided by Economic Growth Center, Yale University in its series Working Papers with number 830.
Length: 72 pages
Date of creation: Jun 2001
Date of revision:
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;
Find related papers by JEL classification:
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- F15 - International Economics - - Trade - - - Economic Integration
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F35 - International Economics - - International Finance - - - Foreign Aid
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
- K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
- O34 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Intellectual Property Rights
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
- P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Wacziarg, Romain, 2002. "India in the World Trading System," Research Papers 1760, Stanford University, Graduate School of Business.
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