EXPORT, IMPORT AND ECONOMIC GROWTH OF INDIA

Abstract

Nations are concerned about improving the quality of life of their countrymen, which mainly comes from overall, i.e. macroeconomic, development in a highly competitive and globalized world. The major program of economic reform was introduce in 1991 with emphasize on external sector wherein the protective tariffs were reduced and the restrictive import licensing regime was relaxed and simplified. The objective of this paper is to study the Cross sectional comparison of import and exports from the period 2003-2004 to2016-2017 and Economic growth of the country. This paper is purely based on the secondary sources of the data collected form books, Journals, Thesis and articles, web links. The analysis includes the study of Export and import of the government of India, responses of the trade and investment policies of the Government of India. The study reveals that it has been more of globalization in India and less of globalization of India. It can be somehow concluded that, the exports are increasing with growing government focus on various policies related to it but the imports are also increasing undoubtedly. Surely, there is a greater scope for more increase in the foreign trade with better policies and reforms which lead to growth in GDP.