Open AccessImpact of Indias Export on Indian GDP after Liberalisation
Author(s) -
CA Naveen Kumar Tiwari
Publication year - 2022
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.2022.39792
Subject(s) - economics , liberalization , balance of payments , international economics , productivity , context (archaeology) , economic liberalization , globalization , real gross domestic product , economic reform , development economics , international trade , macroeconomics , politics , market economy , paleontology , biology , political science , law
Economic and political policy interventions were reflected on the economic development of the countries with respect to improving economic and social well-being of poor, market productivity and considerable growth rate in GDP. Specifically, in Indian context, these economic decisions have been a considerable influence on inclusive growth of the nation. It is evidence that India embarked on economic reforms in July, 1991, from the effect of a balance of payment crisis. The government initiated economic reforms basically is to provide an environment of sustainable growth and stability. Thereby the LPG (Liberalization, Privatization and Globalization) system has come to the picture for economic progress of the country. Thepresent study investigates the linkage between foreign trade trends of India and its economic development in the light of economic reforms in India since 25 years (1991-2016). The outcomes of the study strongly support that there is a causal relationship between exports to GDP and GDP to exports and also causality between imports to exports in India.