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INDIAN TRADE LIBERALISATION

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trade liberalisation in india indian TRADE BEFORE & AFTER LIBERLISATION PRESENTED BY GROUP 7 INDIA TRADE INDIAfood industry after liberalisation 1991 india LIBERLISATION 1980s, suggests that the root cause of the crisis was the BEFOREMNC large FOR INDIAN COMPANIES GROWTH Large fiscal deficits emerged as a result of mounting DOC. and growing fiscal imbalance. government expenditures, particularly during the second half of the 80s. liberalization,privatization, globalization in india These fiscal deficits led to high levels of borrowing by the rules of liberlisation government from1991 Reserve Bank of India (RBI),IMF,World Bank. the reformist 1980s, government expenditure in India grew at Over thepackage 1991 india a phenomenal rate, faster than what government earns as a revenues. liberalisation during 1947 to 1991 in india The subsidies grew at a rate faster than government expenditures. montek biopharma Expenditure on subsidies rose from Rs.19.1 billion in 198081 to Rs. 107.2 billion in 199091. govt. expenditure liberalization india Although, a large part of the problem concerning external India's policy of liberalization in be imbalances in India could1991attributed to extraneous developments, such as two oil impact trade liberalization india stock shocks during the last decade. The Indian economy was indeed in deep trouble. Lack of foreign reserves . Gold reserve was empty. Before 1991, India was a closed economy. Indian Trade Liberalisation 1991 before and After public expenditure in india before 1991 default and its foreign exchange The government was close to reserves had reduced to the point that India could barely finance three weeks worth of imports. policies during 1991 liberalisation in india The Government of India headed by Chandra Shekhar decided to investment liberalization india that usher in several reforms imf are collectively termed as liberalisation in the Indian media with Man Mohan Singh whom he appointed as a special economical advisor. india trade between 1947 to 1990 License Raj was the regulations that were required to set up business in India between 19471990. india trade before and after liberalization group 7 where all aspects of the economy are controlled by the state fiscal policy before 1991 in india and licenses were given to a select few. india forign trade after considered The License Raj isliberalization to have been dismantled in 1990. growth many economy after liberalisation Endedof indian public monopolies, allowing automatic approval of foreign direct investmentIndia liberalisation policy in 1991 in in many sectors India still rankstrade liberalisation in india of developing nations in in the bottom quartile import policies of terms of the ease of doing business compared to China. Key players in the battle field of economy india,before reforms liberalization Dr. Man Mohan Singh, a professional economist and an india,trade liberalisation economic administrator, was appointed Finance Minister. Man

montek singh ahluwalia trade liberalisation

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Mohan Singh is undoubtedly the architect of the most far reaching reforms in India since independence in 1947. Government economists such as Dr. Arvind Virmani took upon themselves the task of clarifying the goals, objectives and methods of the reform package along with: C. Rangarajan, Montek Singh Ahluwalia, Shankar Acharya and Y Venugopal Reddy. . The reforms brought changes in three broad areas, collectively known as liberalization, privatization and globalization. Liberalization did away with regulatory hurdles and minimized licensing requirements. Privatization reduced the role of the state and public sector in business. Globalization made it easier for the MNCs to operate in India. This policy was later continued by Prime minister P. V. Narasimha Rao, and he was fully supported by his finance minister Manmohan Singh and other officials such as C. Rangarajan, Montek Singh Ahluwalia, Shankar Acharya and Y Venugopal Reddy. INDIA TRADE AFTER LIBERLISATION Changing . Environment After 1991 Opening up of the Indian Economy Before 1991 closed economy and import of certain goods was restricted. After 1991 competition increased tremendously after the liberalisation. Competitors from all over the world enter the Indian market Competition from Low Wage Countries Low range products are floating into the market Low price, low quality DESTINATION INDIA after liberalization India is one of the fastest growing economies in the world. AT Kearneys FDI Confidence Index Report India has th been upgraded to 6 most attractive destination worldwide in th 2003 (from 15 in 2002) th In Services sector, India was ranked as the 4 most th attractive destination (up from 14 place in 2002) CHALLENGES ahead 1. Governance Need for elimination of large number of Rules & Regulations in the books Sharply reducing the number of implementing agencies Moving towards single window clearance (traders to submit regulatory documents at a single location and/or single entity. Such documents are typically customs declarations, applications for import/export permits, and other supporting documents such as certificates of origin and trading invoices). 2. Infrastructure: A Challenge and an opportunity Investments required upto 2012 US$ 334 billion Power Generation US$ 143 billion Power Transmission & Distribution US$ 116 billion Roads US$ 40 billion Ports US$ 20 billion Railways US$ 15 billion What the Future Beholds??? BRIC Study of Goldman Sachs (2003) predicts that: INDIA WILL EXCEED Frances GDP in 2020 Germanys in 2025 Japans in 2035 RD TO BECOME THE 3 LARGEST ECONOMY IN THE WORLD BY 2050 GDP growth at constant prices 9 8 7 6 5 4 3 2 1 0 8.2 6.1 8 in p e r c e n t Average for 19932003 200304 10th Plan Projection (200207) Indian Foreign Exchange Reserves: a steady rise after liberalization Foreign exchange reserves (US$ billion) 150 100 118.3 75.4 54.1 17.0 199596 200102 2002 03 200304 50 2.2 0 199091 Foreign Investments after liberalization Total Foreign Investment (US$ million) US$ million 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 15,872 5,138 103 199091 199495 5,385 6,789 8,152 5,639 199798 200001 200102 200203 200304 Import duty Reductions after liberalization Reduction in Peak Customs Duties on Manufactured items 160 140 in p e r c e n t 120 100 80 60 40 20 0 150 110 50 1991 Mar92 Mar95 42 Mar97 38.5 Mar00 30 Mar02 25 Mar03 20 w.e.f March 2004 Rising share of Indias external trade after liberalization Total Exports in 2003 04 US$ 61.8 Bn; Imports US$ 75.2 Bn. Assume target for exports for 2009 US$150 Bn Share of external trade in GDP 35 30 25 20 15 10 5 0 in p e r c e n t 18.1 23.1 25.5 26.9 30.3 28.9 31.6 32 199192 199495 199798 1999 2000 200001 200102 200203 200304 INDIA AFTER TRADE LIBERALISATION IN VARIOUS PHARMACEUTICALS INDUSTRY AFTER LIBERALISATION th India is world's 4 largest pharmaceuticals producer with 8% share of global production. 3 New Molecules discovered by Indian companies 12 more in the final stages. Over 100 Indian formulations have received United States FDA approval BIOTECH AFTER LIBERALISATION More than 900 companies involved in traditional biotech products Biopharma products 35 new MNC companies set up in past 5 years. R&D and commercialization of products on agricultural biotechnology is the latest trend. Opportunities for fresh investment in Indian biotech sector in next 57 years US$ 1.5 2 billion AGRI & FOOD PROCESSING AFTER LIBERALISATION India is looking for investment in infrastructure, packaging and marketing. India One of the largest food producers of the world The Indian scientific and research talent had boomed up after liberalization because of various MNC are investing big money in R&D. AUTO & AUTO COMPONENTS AFTER LIBERALISATION nd 2 largest small car market in the world. Largest motorcycle manufacturer in the world. nd 2 largest scooter and tractor manufacturer in the world. Many international auto majors are manufacturing in India Daimler Chrysler, General Motors, Toyota, Ford, Honda, Hyundai, Volkswagen, Suzuki etc Most of them are also outsourcing their components from India as a hub. Production of Automobiles (4 Wheelers) after Liberalization 4 Wheelers (in Nos) 1400000 1200000 1000000 800000 600000 400000 200000 0 1,263,764 671,928 199293 199495 199697 1387276 199899 200001 200102 200203 2003 04 Vehicle Exports after Liberalization Vehicle Exports 4 Wheelers (in Nos) 600000 500000 In Nos. 2 and 3 Wheelers (in Nos) 332087 400000 300000 200000 100000 0 121140 146543 38230 199293 199495 199697 199899 200001 Year STEEL Industry after Liberalization Production and Export of Finished Steel Production (in million tonnes) 40 30 20 10 0 14.33 368 199192 17.82 23.82 Exports (in '000 tonnes) 33.67 36.19 6000 29.7 5200 5000 4506 4000 3000 2000 1000 0 199495 199899 200001 200203 200304 (Provisional) RESEARCH & DEVELOPMENT facilities after liberalization More than 100 global companies outsource R&D facilities from India GE John F Welch Technology Centre Companys largest research outfit outside the US

 GE Medical Systems India as sole sourcing base for its portable ultrasound scanner Monsanto First nonUS research facility rd Eli Lilly largest research facility in Asia and 3 largest in the world Texas Instruments Digital Signal Processor developed in India controls 50% of the world market AVL, Austria India as base to do R&D for the company. IT & IT ENABLED SERVICES after Liberalization Compounded annual growth rate (CAGR) exceeding 50 % over the last five years IT enabled services key driver of growth. Engine for outsourcing This segment poised to grow very rapidly, worldwide India has potential to tap 38 % of the world market. Revenues from ITeS (remote services) showed an annual growth rate of 68.2 %. Several World leaders have invested Business Processes & Industry in India after liberalization General Electric Citibank Microsoft Dell British Airways McKinsey Intel Oracle American Express Accenture Hewlett Packard IBM Texas Instruments General Motors Monsanto Sun CISCO Microsystems Pfizer Dupont Cummins Honeywell ENTERTAINMENT industry after Liberalization Industry growing at 15% Total industry valued at US$ 4.267 billion in 2003 Expected to reach US$ 9.4 billion by 2008 Largest producer of films and enterntainment content in the world More than 1000 films produced in 200304 Coproduction treaties being signed with UK, Canada, China and Italy,USA (Time Warner,Universal,Goldmyn Mayor). Animation and gaming one of the fastest growing sectors Animation and special effects for SPIDERMAN and GLADIATOR done in India HEALTHCARE industry after Liberalization Size of the Healthcare industry over US$22 billion Sector employs over 60 lakh people One of the fastest growing sectors in India expected to grow at 1213% per annum. Over 80% of healthcare spending is captured by private sector & MNC. Investment Potential : 750,000 extra beds over the next 10 years at a cost of approximately US$30 billion. REAL ESTATE after Liberalization Real estate development market size US$ 12 billion growing at 30% annually Of this US$10 billion is Residential, Rest Office, Shopping Malls, Hotels and Hospitals. th India ranks 5 amongst 30 emerging retail markets Return on investment in Indian metros : Shopping Malls :1012%; Office segment : 911% Residential Segment : 48% FDI in Real Estate 100% FDI permitted in Integrated Townships OIL & GAS after liberalization th Worlds 6 largest consumer of Energy th Worlds 8 largest consumer of Oil Demand for Petroleum Products expected to be 179 MT by 200607. Investments of US$ 150 Billion required to meet ongoing demand. More than US$ 6 Billion already committed for exploration and development work over next few years Liberalized Govt policies on exploration, production, refining, distribution, marketing and pipelines for private sector participation. 100% FDI allowed for exploration and laying pipelines. POWER after Liberalization By 2012 Peak Demand (Expected) 1,57,000 MW Proposed Capacity Addition 1,00,000 MW Estimated Investment for National Grid Development US$ 20 Billion Upto 100% FDI allowed in projects relating to electricity generation, transmission and distribution (other than atomic reactor power plants). PORTS & ROADS after Liberalization Roads Investments of US$12 Billion proposed for National Highway Development Project. 100% FDI under allowed in projects for construction and maintenance of roads, highways, vehicular bridges, toll roads . SeaPorts 7517 Km of Coastline dotted by 12 major and 185 minor ports. 100% FDI permitted in Construction, maintenance and support services for ports. 100% Tax Holiday for 10 years for enterprises in developing, maintaining and operating ports, inland waterways, etc. International Container Transshipment Terminal planned in Kochi Port. AIRPORTS after liberalization Projection 2010: International Passenger Traffic 26 Million; Domestic Passenger Traffic 40 Million; Cargo Movement 1.8 Million tones. FDI upto 74% (upto 100% with Special Permission) allowed in ventures for airports. FDI upto 49% and NRI Investment up to 100% permitted in Domestic Airport Services. Thank You BOP The balance of payments, (or BOP) measures the payments that flow between any individual country and all other countries. It is used to summarize all international economic transactions for that country during a specific time period, usually a year. The BOP is determined by the country's exports and imports of goods, services, and financial capital, as well as financial transfers. It reflects all payments and liabilities to foreigners (debits) and all payments and obligations received from foreigners (credits). Balance of payments is one of the major indicators of a country's status in international trade, with net capital outflow. FISCAL DEFICIT A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite is a budget surplus. An accumulated deficit over several years (or centuries) is referred to as the government debt. Often, a certain part of spending is dedicated to paying of debt with certain maturity, which can be refinanced by issuing new government bonds. That is, a fiscal deficit leads to an increase in an entity's debt to others. A deficit is a flow. And a debt is a stock. Debt is essentially an accumulated flow of deficits. Since debt is the total amount one owes, a deficit can also be defined as the amount by which a debt grows or a savings decreases. For instance, prior to the Second Gulf War, many Americans confused debt and deficit, believing that the United States government still had a massive deficit; in fact, the government had a sizable surplus. The deficit was gone, but the debt was still being paid down. Because the United States government counts money it collects through its Social Security program as income, many people had also become accustomed to the notion that the deficit was far larger than it actually was, yet, even removing Social Security funds, there was a surplus. (Although the Social Security program currently collects income, the money is considered "owed" to the people who pay into the program.)

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