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India’s Trade Policy and a Road Map for Its Liberalization
Abstract: This paper examines India’s trade policy, discussing the potential gains from free trade and providing a brief history of the country’s trade policy. It outlines the current trade regime, characterized by tariff escalation, production subsidies, and anti-dumping measures, and argues for a return to the liberalization path. The paper suggests that India should pursue unilateral tariff reduction, establish free trade agreements, and limit anti-dumping measures. It emphasizes the importance of trade liberalization in the contemporary context, where technological advancements and global supply chains necessitate openness for industrialization and growth. The paper concludes that a liberal trade policy, coupled with ongoing infrastructure development and labor reforms, can help India achieve its growth potential and become one of the world’s largest economies.
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