Open Access
A Comparative Study of Indias Foreign Trade in Pre and Post Reform Era
Author(s) -
CA Naveen Kumar Tiwari
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.39682
Subject(s) - prosperity , international trade , economics , international economics , trade barrier , economic reform , economic integration , political science , economic growth , china , law
Abstract: Foreign trade has been playing a vital role in the economic progress and prosperity of every country.In modern days foreign trade has assumed an immense prominence and substance for economic development of a country because of interdependence of economies, increasing specialization and joining regional cooperation. In 1991, the major program of economic reform were introduced which emphasize on external sector wherein the protective tariffs were decreased, changes into foreigninvestment and the restrictive import licensing system was relaxed and simplified. After the New economic reforms, India’s foreign trade has undergone substantial changes, volume of trade rose up and composition of trade was also frequently changed. The main objective of the paper is to study the trends of India’s foreign trade pre and post new economic reforms in India. The entire data for the present study is collected from the secondary sources. The collected data has been analyzed by using Paired t-test from SPSS software package and graphs. The findings of this paper said that there is positive relationship between economic reforms and India’s foreign trade. A push has been given to theexports but analyzes says that the increasing rate of imports is higher in comparison to the increasing rate of exports. Keywords: Foreign Trade, New Economic Reforms, Exports, Imports, Growth Rate.