India 's World Trade Organization

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INTRODUCTION India is one of the members of WTO and considers as a developing country. In October 1947, India became the member of GATT. India is considered to be the 10th largest in the world in economy. In 2013, India was considered to be 19th largest merchandise and the 6th largest services exporter in the world. But during 2013-14 which is considered to be the fiscal year, the economic growth has been slowed down. WTO i.e World Trade Organization was formed on the 1st of January 1995 by the Uruguay Pact countries. Before WTO was known as GATT i.e General Agreement on Tariffs and Trade which was formed after Second World War with the objective to smooth the trading relation between nations. In the beginning though there were 23…show more content…
In November 2001, WTO members are negotiating further trade liberalization under Doha Development Agenda to increase the participation of poorer countries. 1.) Condition of Indian economy in pre-liberalization period (1947–1991) After independence, the economic policy of India mainly focused on protection of domestic industries, therefore domestic policy was made such as import substitution industrialization, a large government run public sector, economic interventionism, business regulation, etc. Trade and foreign investment policies were liberalized. In 1950 many industries such as steel, mining, telecommunications, insurance, etc was nationalized. There was quick development of heavy industry by both public and private sectors. Since 1965, Green Revolution in India was started were the use of high-yielding varieties of seeds, improved irrigation facilities and increased fertilizers help a lot. Moreover, in 1970 the government reduced the control on price and corporate taxes and focus on promoting the creation of small scale industries in large. 2.) Condition of Indian economy in post-liberalization period (since 1991) In 1991 the government introduced liberalization due to which GDP of India has risen rapidly. There was reduction in tariffs and interest rates which in turn increased the foreign direct investment in many sectors. For a period from 2003 to 2007 India enjoyed high growth rates averaging
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