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Impact of India's External Policies On Trade Performance in Pre and Post Reform Periods
Impact of India's External Policies On Trade Performance in Pre and Post Reform Periods
strategy. Export-led Growth (ELG) Strategy is considered one of the main pillars
of the free trade school of thought that emerged in the 1980s. The other major
Prebisch thesis (emerged in 1950s), calls for the adoption of policies of import
central task in the area of trade policy is to identify the linkages through which
1
Paper is to be presented in Research Committee on “Economics, Commerce And Management Science”
at the XXXIV Indian Social Science Congress to be held from December 27-31, 2010 in Guwahati
University, Guwahati
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of the East Asian ‘miracle’ have been assessed with the general lesson
impact of India’s external policies on trade performance and growth in pre and
Prior to 1991, India was the archetypical import substituting regime with “one of
the most complicated and protectionist regimes in the world” (IMF, 1998). This
structure of India’s foreign trade was the result of the belief of freedom fighters
that India’s colonial past marked by extensive and intensive exploitation through
the instrument of international trade was the major cause of India’s economic
direction of India’s foreign trade reflected the trend of a typical colonial and
agricultural economy. During this period India’s trade relations were confined to
consisted chiefly of raw material and plantation crops and while imports
Therefore, after independence planners viewed foreign trade and investment with
suspicion and turned towards “inward” oriented policies. They heavily relied upon
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large scale import substitution through protection of domestic industries, direct
control on import and foreign investment and overvalued exchange rate. The
1940. The controls were first imposed on consumer goods and were gradually
extended to practically cover all the imports by January 1942. The main aim of
this policy was to conserve scarce foreign exchange. Imports from Sterling area
of the shipping facilities were diverted for war purpose. In the post war years,
extensive liberalization in import control policy took place through widening the
scope of Open General License (OGL) in 1945-46. But, the import restrictions
were again imposed in 1947 on the entire world including the Sterling area, with
the objective of conserving the scarce foreign exchange because India’s Balance
of Payment had turned adverse. This was the beginning of the “quantitative”
restrictions era because import licenses were given on the basis of specific
policies were i) import restriction and ii) import substitution. This policy was
largely based on the Imports and Exports (Control) Act of 1947and the Import
Trade Control Order of 1955. During the First Five Year Plan the approach
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towards imports was generally one of “Progressive” liberalization throughout,
especially towards the end, to meet the demand for imported goods created after
the World War II. This approach was also supported by the devaluation of rupee
through the India Tariff (Second Amendment) Act, 1954 were made to reduce
reliance on import control system. But the progressively liberal measures and the
changed tariff policies came to a halt as a result of the exchange crisis in the
beginning of the second Five Year Plan, when for encouraging large scale
1957. This is clear from Table – 1 which shows that during 1950s percentage of
imports to GDP was 6.89. To fight this crisis, tariff levels were increased and
insulated India from the world economy (Uma Kapila, 2008-09, p. 555) and
Table – 1.
Table – 1
(Rs. Crore)
4
1969-70
1970-71 to 73798.8 4511.3 6.11
1979-80
1980-81 to 255838.3 19897.6 7.77
1989-90
1990-91 to 1053204.6 112683.8 10.70
1999-2000
2000-01 to 2862547.25 518334.88 18.11
2007-08
because developed countries were producing and selling every commodity at low
prices. In such a situation, India could not develop any industry without protecting
it from foreign competition. For industrial development of the country, it was felt
import quotas, import duties and banning import of goods in certain cases. As a
result, percentage of imports to GDP could not improve much in 1970s also and
remained at 6.11 as per Table - 1. The import control policies were pursued for
almost two decades till 1977-78 barring a brief period of import liberalization after
the devaluation of rupee in June 1966. This import liberalization was granted to
cotton, textile, fertilizer, seeds pesticides etc. for implementing the new
a) to save scarce foreign exchange for the import of more important goods, and
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b) to achieve self-reliance in the production of as many goods as possible. In the
earlier phase of the import substitution policy, consumer goods were produced
As noted by Bhagwati and Desai (1970, pp - 308), the import control system
worked on: (i) incomplete and unsystematic information; and (ii) a series of ad
Further, whatever limited allocational aims it may have had were frustrated, in
varying degrees, by the corruption that inevitably arose from the large premia on
The year 1977-78 initiated a new era of import liberalization in the country and
annual import policies of the country of 1980-81 to 1984-85 was quite liberal
because industrial sector needed imported inputs for its growth. Further boost to
this liberal approach was given in the subsequent three long term policies which
covered the periods of 1985-88, 1988-90 and 1990-92. During this period a large
placed under “Open General License” (OGL) category which means that they
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could be imported without any import license. During 1980s the policy of import
volume of imports during this period. The import policy in 1980s was also given
‘export-orientation’ for increasing export earnings of the country. For making the
exports competitive in the world market, some special facilities were provided to
the exporters. Duty free imports of raw materials against Registered Exporters
Policy (REP) licenses were introduced. Facility was also provided for the import
of second hand capital goods. On the basis of fulfilling certain basic requirements
for specified period of time, exporters were granted the status of Export Houses,
Trading Houses, Star Trading Houses and super star Trading Houses. Since
these exporters were earning needed foreign exchange for the country, they
Since the rigid import control policy had many adverse economic effects like
advantage. G.M. Meier argues that import substitution strategy was not targeted
inefficient manner and for too long a time. At the micro level too many plants
produced too small an output, quality was inferior, capital was underutilized and
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Although the sheltered firms’ profits in local currency could be high, the domestic
resource cost was excessive, and the cost increased per unit of foreign
exchange saved. Given high effective rates of protection, the domestic value
added in some cases was actually negative at world prices… Further, policy
induced price distortions – negative real rates of interest, excessively high wages
for unskilled labour and undervalued foreign exchange were pervasive (Meier,
1990).
b. Export Policy: Until the crisis of 1991, India’s trade policy was based
employment in the import competing sectors; ii) raising revenue through trade
Srinivasan’s (1993) study shows that exports were not given adequate attention
until the early 90s, when the foreign exchange reserves were at an all-time low.
According to Bimal Jalan, the export policy of the government of India in the pre-
This phase was known by export pessimism. As per Prebisch, Singer and Nurkse
thesis, it was believed that international trade does not benefit the developing
countries because terms of trade between the developed and the developing
countries always remain in favour of the developed countries. This was a crucial
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assumption as it firmly established a case for discouragement of exports and for
policies which encouraged production for the domestic market (Jalan, 1992). As
a result, exports were largely neglected during the First and the Second Five
Year Plans, which was justified on the ground that demand for Indian exports
from independence is shown in table – 2. It was 5.17% of GDP in 1950s and was
Table – 2
(Rs. Crore)
to this phenomenon (Bhagwati and Desai, 1970, pp. 378). After analyzing the
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case commodity by commodity, Bhagwati and Desai (1970, pp. 394) arrived at
the conclusion that except for a limited number of bright spots, … the decade
be found, for the most part, in domestic policies within India. Year wise data for
world exports, India’s exports and percentage of India’s exports in world exports
is shown in Table 3. The table shows that India’s export as percentage to world
Table – 3
Monetary Funs), pp. xvii-xviii, 1950-60-IFS, May 1961, pp. 36, 38, 1961- IFS,
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Dec. 1962, pp. 38, 40, 1962-66-IFS, Oct. 1967 (IMF), pp. 34, 36,
The table is taken from Bhagwati and Desai, India: Planning for
important to consider the external factors as well that determine the export
growth. The most crucial external factor in this regard is the growth of world
fail to exploit the buoyancy of world demand if the domestic policy environment is
highly restrictive. Similarly, despite the policy reforms, a country’s exports may
Keeping these factors in view, the trend of world export and Indian export can be
Table – 4
Services (% of
(Average)
Goods Services Goods Services GDP) Averages
India World India World
1950-59 0.22 6.30 3.78 NA 1.39 NA NA
1960-69 3.58 8.77 1.78 NA 0.90 NA 4.21
1970-79 17.97 20.41 26.61 NA 0.54 NA 5.20
1980-85 2.39 -0.86 3.79 0.36 0.47 0.81 6.05
1986-90 17.76 12.36 10.47 14.14 0.48 0.63 6.29
1993-97 13.30 10.56 14.10 9.22 0.60 0.59 10.50
1999-01 10.26 4.09 9.52 3.07 0.66 1.07 12.52
2002-05 25.29 17.58 45.36 15.16 0.81 1.64 17.19
Source: Veeramani, C., “Sources of India’s Export Growth in Pre- and Post-Reform
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Periods”, Economic and Political Weekly, Mumbai, June 23, 2007, pp-2420
On the basis of tables 3 and 4, it can be clearly concluded that the country failed
to make the best use of the trade possibilities available during 1950s and 1960s.
Table - 4 reveals that when world goods trade was growing at 6.3 percent per
annum during 1950s, the exports of goods from India stagnated at 0.22 percent
per annum. When the world merchandise exports grew at relatively faster rate
i.e, at 8.8 percent per annum during 1960s, the growth rate of India’s
merchandise exports improved to 3.6 percent per annum. The share of India’s
exports in world exports declined sharply from 1.4 percent during 1950s to 0.9
percent during 1960s. This may be the detrimental effects of the overvalued
As per Table – 4 the average export performance during the Third Plan appears
to have picked up significantly above the average Second Plan performance, not
trade, there was no improvement and, if anything, some deterioration. There are
(i) The first factor was the major improvement in exports to the Soviet-
(ii) The second factor behind the improvement in export performance was
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The export subsidy actually increased through the third Plan. Before that the
export subsidy was introduced for some non-traditional goods and by 1967 bulk
prime iron and steel, cotton textile and some other products was also covered
Thus, the policy of export promotion generally adopted during the third Plan
perverse bias towards fixing the subsidy inversely to the competitive strength of
the exportable commodity. This system had its counterpart in the indiscriminate
(2007), where he has worked out World Trade Effect, Commodity Composition
merchandise exports during the pre and post reform periods, he has concluded
that during 1962-70 the actual export growth was below the potential by 278
competitiveness effect (due to overvalued exchange rate and general bias of the
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effect which means that during this period India has been specializing in the
“wrong” commodities.
Up to the Third Five Year Plan, passive export policy was followed in India. As a
result, except for a few items fall in share of India’s traditional export were seen
devaluation of Indian rupee by 365 % in terms of gold in 1966, it was thought that
the export earnings will increase and import expenditure will decline and it will
Phase II (1973-1983)
Table – 4 Shows that during 1970s, world export, which is considered as a proxy
to world demand, registered a hefty growth rate of 20.4 percent per annum.
2007). Table – 2 indicates that India’s export percentage to GDP increased 5.10
in 1970s. In Table 4 we can see that India’s merchandise and services exports
grew at the annual rate of about 18 percent and 27 percent respectively during
the 1970s. Table 4 also reveals that despite the high growth, India’s share in
world merchandise exports declined to 0.5 percent per annum during the 1970s
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During this one decade’s time export promotion policies were introduced
because import substitution policies alone could not make Balance of Payment
depreciated continuously during 1970s. Given the lower rate of inflation at home
as compared to the outside world, there was a sharp downward movement in the
Real Effective Exchange Rate (REER) of rupee and relative profitability of export
supported the export promotion policies. These factors (Nayyar, 1987) are: i)
there was remarkable expansion in world trade which was associated with an
increase in world import demand for most of India’s exportables. ii) There was a
average unit values realized for exports. iii) The oil price increases led to the
emergence of new markets in the oil exporting countries which constituted a net
The results of Veeramani’s growth decomposition exercise for this period reveals
that as compared to 1960s, the export performance during 1970s was better
because the gap between the actual exports and the potential declined to 135
percent for 1970-80 from 278 percent of 1962-70. The competitiveness and the
commodity composition effects were still negative though the values were much
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lower than that of the earlier period. This means that real exchange rate
depreciation and other export promotion measures of the 1970s were not
sufficient to fully exploit the potential offered by the buoyant world economy
(Veeramani, 2007).
a number of committee which were set-up during seventies and eighties. The two
P.C. Alexander, 1978 and the “Committee on trade Policies” under the
import of capital goods and certain raw materials which were not available
indigenously, were liberalized in late seventies and these items were put under
the Open General License (OGL) list. During this period efforts were made to
simplify the foreign trade procedures and special measures were initiated to
boost the export of project goods. The Abid Hussain Committee envisaged
‘growth-led export’ rather than ‘export-led growth’ and stressed upon the need for
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committee favoured announcement of trade policies for longer periods (Uma
of plants, liberalized imports and domestic and international competition for the
entire industrial sector, which was essential for export promotion (Nayyar, 1987).
for unrebated indirect taxes paid by exporters on inputs, higher freight rates and
market development cost. This support was abolished after substantial trade
liberalization and devaluation of rupee in July 1991. Duty Drawback System was
established to reimburse exporters for tariff paid on the imported materials and
which enter into export production. In 1957 under the Import Entitlement
Scheme, exporters were helped in procuring imported raw material and other
licenses under this scheme was withdrawn after devaluation of Indian rupee in
1966 but was soon reintroduced as new name called Import Replenishment
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increasing competitiveness of Indian exports in World market. Besides, various
subsidies and fiscal concessions were provided for promoting exports and
organizations were set up. These include – i) Export Promotion Councils, ii)
Trade, vi) The Federation of Indian Export Organizations, vii) The Trade
Development Authority, viii) Export Credit and Guarantee Corporation of India, ix)
The Export Inspection council, x) Trade Fair Authority of India etc. The main
abroad.
The export boom of the 1970s, however, could not be maintained during the first
half of the 1980s. Table – 2 indicates that percentage of exports to GDP in India
increased marginally only over the previous decade. In 1970s it was 5.10 percent
and increased to 5.14 percent during 1980s. As per Table - 4, the growth rate of
world exports turned negative in this period as a result of the second oil price
hike and India’s exports also decelerated sharply. Though, during the second half
of the 1980s, the world economy recovered and India’s exports also grew at
17.76 percent per annum (Table – 4). According to Joshi and Little (1994), there
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was a genuine improvement in export competitiveness of India during this period
due to a major depreciation of the Real Effective Exchange Rate (REER) and
during 1980s World exports and Indian exports both fell sharply over the previous
time periods.
Table – 5
(US $ million)
Exports
(%)
1970 313804 2031 0.6 -- --
1975 876094 4665 0.5 179.19 129.69
1980 1997686 8486 0.4 128.02 81.91
1985 1930849 8904 0.5 -3.35 04.93
1990 3303563 18143 0.5 71.09 103.76
2000 6254511 41543 0.7 89.33 128.98
2005 10306710 103404 1.0 64.79 148.91
2006 11887549 126126 1.1 15.34 21.97
A103.
As per the results of Veeramani’s growth decomposition exercise, for the first
time actual exports were higher than the potential offered by the growth of world
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demand during 1980-86. This can be attributed to positive competitiveness and
later part of the decade witnessed marginal decline in the whole situation in spite
debts, soaring inflation during 1990-91 in addition to the collapse of Soviet Union
and spectacular growth of China after 1978 reforms, provided the immediate
impetus for change in economic policy regime. The trade policy reforms really
proceeded on three lines; first, to drastically reduce the taxes and subsidies on
exports and imports; second, to relax the quantitative restrictions on imports and
exports; and third, adjustment of exchange rates (Marjit S. and Raychaudhuri A.,
1997). The focus of the export policy, by and large, shifted from product specific
1991, has been to reduce and eventually eliminate the gap between domestic
Thus, though the process of trade liberalization in India was initiated during
seventies but the trade policy measures initiated after 1991 have been more
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period, all the quantitative restrictions on imports were withdrawn by 2001-02 and
the import duties were also rationalized as per the Chelliah Committee
10%. A large number of exports and imports which used to be canalized through
public-sector agencies in India are decanalized after the reforms. The Exim
Policy 2001-02 puts only 6 items under special list which are to be allowed only
through state trading agencies. These items are: rice, wheat, maize, petrol,
In July 1991, downward adjustment in the exchange rate of the rupee was made
against the major currencies. It was held that a more realistic exchange rate
would make exporting more attractive (Veeramani, 2007). Since March 1993, the
exchange rate of the rupee is market determined. The objective of the exchange
rate management has been to ensure that the external value of rupee is realistic
of GDP to 8.89.
permitted the setting up of trading houses with 51% foreign equity. In the year
2000, a scheme for setting up Special Economic Zones (SEZs) was announced
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to promote exports. The Export-Oriented Units (EOUs) scheme introduced in
early 1981 is complementary to the SEZ scheme. The Exim Policy 2001 also
agricultural exports.
benefits and exemptions have been granted during the 1990s to liberalise
imports and promote exports especially for Information Technology sector, the
telecommunication sector and the entertainment industry. The focus of all these
requirements.
These comprehensive and systemic economic reforms were introduced after the
balance of payment crisis in 1991 with the hope that the policy changes would
recorded a growth rate of about 13 percent per annum and service exports grew
slow down in world demand due to the crisis in East Asia Merchandise and
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service exports of India and that of the world declined in absolute value after1998
from the level in the previous year (Table - 4). India’s exports recovered slowly
goods and services. After full recovery of the world economy from the Asian
crisis, India’s merchandise and service exports grew at a rate of about 25 percent
and 45 percent per annum respectively during 2002-05 despite the appreciation
of REER by about 1 percent per annum during the same period. In sum, India’s
exports during the post-reform period have been growing faster than the rate of
growth of world exports. Similar results we can see in tables 2 and 5 though with
the help of different sets of data. Table – 2 indicates that the percentage of
1980s. Table – 5 also shows that India’s share in world exports increased to
0.7% in 1990s from 0.5% in the previous decade and 1.0 % in 2005. According to
2005 the actual growth rates of India’s merchandise and service exports have
been above the potential offered by the growth of world trade mainly due to
positive competitiveness effect. Share of India’s export in total world export also
The policy aimed at increasing India’s share in world exports to 1.5 % by 2009.
Sectors with significant export prospects coupled with potential for employment
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Foreign Trade Policy has announced specific strategies termed as Special Focus
Initiative for five such sectors i.e, agriculture, handicrafts, handlooms, gems and
jewellery and leather and footwear. Presently services contributed more than
50% of the country’s GDP. To provide thrust to service exports “Served from
The exporters who exceed the annual export target were to be rewarded under
the “Target plus Scheme”. This reward was in terms of entitlement to duty free
credit based on incremental export earnings. The Foreign Trade Policy (FTP)
(FTWZs) to create trade related infrastructure to facilitate the import and export
of goods and services with freedom to carry out trade transactions in free
Since then, the number of steps that we have taken through stimulus packages
and through the FTP has started yielding fruits. In January 2010, exports were
basis, which is up by 11.5 per cent. But, the critics of this policy have highlighted
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2. The target plus scheme could lead to a sharp rise in circular trading in the
this scheme.
without any age limit. Import of such machines can become a burden on
In the Foreign Trade Policy 2009-14 higher support has been given for market
addition of new products and markets. With the country's export destinations
limited to the US and Europe, which were the first to get affected in the recent
global financial meltdown, India saw its trading opportunities buffeted by this
adverse turn of circumstances. In order to soften the harsh impact of such over-
wave of growth centres in Asia, Latin America, Africa and Oceania. 26 new
markets have been added under Focus Market Scheme. The incentive available
under Focus Market Scheme (FMS) has been raised from 2.5% to 3% and
incentive available under Focus Product Scheme (FPS) has been raised from
1.25% to 2%. Focus Product Scheme benefit extended for export of ‘green
products’; and for exports of some products originating from the North East. A
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large number of products from various sectors have been included for benefits
under Focus Product Scheme. Market Linked Focus Product Scheme (MLFPS)
has been greatly expanded. Under this scheme, benefits to the selected products
Cambodia, Australia and New Zealand). Besides, higher allocation for Market
being provided.
Goods (EPCG) Scheme at Zero Duty has been introduced. This Scheme will be
Excellence’ for handicrafts; Kanpur, Dewas and Ambur have been recognised as
‘Towns of Export Excellence’ for leather products; and Malihabad for horticultural
products. To increase the life of existing plant and machinery, export obligation
on import of spares, moulds etc. under EPCG Scheme has been reduced to 50%
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Additional flexibility under Target plus Scheme (TPS) /Duty Free Certificate of
Entitlement (DFCE) Scheme for Status Holders has been given to Marine sector
in order to provide a fillip to the marine sector which has been affected by the
To promote export of Gems & Jewellery products, the value limits of personal
carriage have been increased from US$ 2 million to US$ 5 million in case of
samples, for export promotion tours, has also been increased from US$ 0.1
import on consignment basis of cut & polished diamonds for the purpose of
shall be allowed re-export of unsold imported raw hides and skins and semi
finished leather from public bonded ware houses, subject to payment of 50% of
the applicable export duty. Minimum value addition under advance authorization
scheme for export of tea has been reduced from the existing 100% to 50%. DTA
sale limit of instant tea by Export Oriented Units (EOUs) has been increased from
the existing 30% to 50%. Pharma sector extensively covered under Market
Linked Focus Product Scheme (MLFPS) for countries in Africa and Latin
America; some countries in Oceania and Far East. To simplify claims under FPS,
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requirement of ‘Handloom Mark’ for availing benefits under FPS has been
removed.
Tariff Ares (DTA) upto a limit of 90% instead of existing 75%, without changing
the criteria of ‘similar goods’, within the overall entitlement of 50% for DTA sale.
EOUs will now be allowed to procure finished goods for consolidation along with
extension of block period by one year for calculation of Net Foreign Exchange
earning of EOUs. EOUs will now be allowed CENVAT Credit facility for the
DTA sale.
Overall procedures have been simplified and various efforts are made to reduce
industry and exporters, especially the MSMEs, in availing their rights through
up.
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6. Evaluation
The trade policy reforms initiated in 1991 have drastically changed the foreign
trade sector scenario and have resulted in the shift from inward-oriented policies
industrialization can only be based on the growth of the internal market. The vital
fact that the macroeconomic inter connections between the foreign trade sector
and the overall process of planning for industrialization are crucial. The solution
to the problems of the national economy cannot be found through the foreign
trade sector on the simple recipes associated with that. On the other hand, the
home. In other words, the tail cannot wag the dog”. (Nayyar quoted in Mishra and
Overall, it may be fair to say that openness, by leading to lower prices, better
yield strong growth results. The precise mix of trade and other policies that is
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liberalization in each country has an impact on poverty (McCulloch, Winters and
Cirera, 2001).
Clearly, the key to deal with the present economic crisis is to increase demand
facing a far worse situation than we do. This is precisely why Indian exports have
been suffering a big blow as the US, UK the European countries and Japan,
which account for more than half of India’s exports, are in the grip of a recession.
Table – 6 gives percentage change in real GDP of countries which are India’s
main trading partners. The results of a study “The Impact of Global Slowdown on
India’s Exports and Employment” by UNCTAD India team (May, 2009) show that
GDP growth of world will lead to 1.88% decline in India’s growth of exports to
world. In the light of this finding the downside indicated by the provisional data of
2009 and 2010 in Table – 6 is that we may have to wait longer than expected in
Table – 6
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Kingdom
Japan 2.00 2.40 -0.60 -6.60 -0.50
India 9.70 9.00 6.00 4.30 5.80
China 11.60 13.09 9.00 6.30 8.50
Indeed, large Asian developing countries (LADCs) – China, India, but also
Indonesia, Vietnam and, to a lesser extent, the Philippines – with the total
population of around 2.7 billion people, have been maintaining positive growth
rates all through the period of the global downturn, and are accelerating as the
latter comes to its end. They made it because their domestic demand - not only
dramatic exports plunge. In the first half of 2009, retail sales in China rose 14.7
per cent and in Vietnam about 20 per cent year-on-year. In India, in the
organised sector, their quarterly growth in the July-September period was 20 per
year-on-year 6.0 per cent in the first and 4.8 per cent in the second quarter. In
the Philippines, its growth (1.6 per cent for the first six months of 2009) is slower,
but still positive. Without a doubt, the rise of private consumption in the LADCs is
a key long-term trend and there is a lot of room for further expansion. Emerging
Deutsche Bank Research of July 2009 says economic growth in the developed
economies will likely be anaemic for several years to come. By contrast, the
downturn in the Emerging Markets (EMs) (Brazil, China, India, Korea, Mexico,
31
Russia) will be short-lived by comparison, and a rapid return to sustained growth
in many EMs is likely by 2011. The study further elaborates that the EM-6 have
been (or will be) able to engineer a more or less rapid recovery by boosting
domestic demand.
It is time now for a new development policy agenda that focuses on domestic
of policies aimed at raising the growth rate of output and real income in
agriculture to expand the domestic market for industrial goods. In the words of
not a viable basis on which all countries can grow together under present
goes further and contends that the ELG model followed by many developing
countries during the last few decades was part of the so-called “Washington
References
32
3. International Monetary Fund (IMF) (1998). “India: Recent Economic
(ed), The Indian Economy: Problems and Prospects, New Delhi, PP. 178
London.
11. Meier, G.M., (1990) “Trade Policy and Development” in Maurice Scott and
33
12. UNCTAD India team (May 2009), “The Impact of Global Slowdown on
13. Veeramani, C., (2007) “Sources of India’s Export Growth in Pre- and Post-
__________
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