India’s trade figures have improved. This isespecially true for the period followingreforms. Although there were few reforms inthe 1980s, comprehensive reformsin the truesense of the word started in earnest in 1991. The effect of reforms on India’sexternal sectorhas been positive considering the followingfacts
India’s trade deficit as a percentage of GDP fell from 4.6 per cent in 1980/81to 3per cent in 1990/91 .
Since 1947 the rupee value of exportsincreased more than 10 per cent in eachof the three successive periods (financialyear): 1972/73 to 1976/77; 1981/82 to1984/85; and 1986/87to 1996/97.