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India’s Trade Reform: Progress, Impact and Future Strategy:

Author

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  • Arvind Panagariya

    (Columbia University)

Abstract

I offer a comprehensive analysis of India's trade policy, particularly since 1991, and its impact on the economy. I provide evidence showing that trade liberalization has had a major impact on the quality and availability of goods and on services growth. The evidence on productivity growth in the industrial sector varies across studies, however. I also explain why India lags behind China and what India must do to catch up. The strategy for future liberalization, including a possible U.S.-India free trade area, is discussed.

Suggested Citation

  • Arvind Panagariya, 2004. "India’s Trade Reform: Progress, Impact and Future Strategy:," International Trade 0403004, EconWPA.
  • Handle: RePEc:wpa:wuwpit:0403004
    Note: Type of Document - pdf; pages: 77
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    References listed on IDEAS

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    1. Kim Jong-Il & Lau Lawrence J., 1994. "The Sources of Economic Growth of the East Asian Newly Industrialized Countries," Journal of the Japanese and International Economies, Elsevier, vol. 8(3), pages 235-271, September.
    2. Timothy J. Kehoe & Kim J. Ruhl, 2013. "How Important Is the New Goods Margin in International Trade?," Journal of Political Economy, University of Chicago Press, vol. 121(2), pages 358-392.
    3. Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, vol. 43(1), pages 5-38, February.
    4. Arvind Panagariya, 2002. "Cost of Protection: Where Do We Stand?," American Economic Review, American Economic Association, vol. 92(2), pages 175-179, May.
    5. Timothy J. Kehoe, 2003. "An evaluation of the performance of applied general equilibrium models of the impact of NAFTA," Staff Report 320, Federal Reserve Bank of Minneapolis.
    6. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters,in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
    7. Mattoo, Aaditya & Fink, Carsten, 2002. "Regional agreements and trade services - policy issues," Policy Research Working Paper Series 2852, The World Bank.
    8. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
    9. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1, January.
    10. Hulten, Charles R, 1975. "Technical Change and the Reproducibility of Capital," American Economic Review, American Economic Association, vol. 65(5), pages 956-965, December.
    11. Poonam Gupta & James P. F. Gordon, 2004. "Understanding India’s Services Revolution," IMF Working Papers 04/171, International Monetary Fund.
    12. Panagariya, Arvind & Rodrik, Dani, 1993. "Political-Economy Arguments for a Uniform Tariff," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 685-703, August.
    13. Charles R. Hulten & Sylaja Srinivasan, 1999. "Indian Manufacturing Industry: Elephant or Tiger? New Evidence on the Asian Miracle," NBER Working Papers 7441, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Monojit Chatterji & Sushil Mohan & Sayantan Ghosh Dastidar, 2014. "Relationship Between Trade Openness And Economic Growth Of India: A Time Series Analysis," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 6(1 (March)), pages 45-69.
    2. Verma, Rubina, 2012. "Can total factor productivity explain value added growth in services?," Journal of Development Economics, Elsevier, vol. 99(1), pages 163-177.

    More about this item

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business

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