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es were set up in low growth sectors of the economy, in order to encourage Greenfield investments and eventually increase exports. Despite all these measures taken with regards to tailoring trade policies to improve economic growth and performance of local firms, the government was still under immense pressure with regards to huge economic problems which had led the economy on brink of recession.

The pressures of a failing economy was building up on the government, hence the new industrial reforms were announced in 1991 in a desperate bid made by the government to revive the troubled domestic economy. One of the drastic changes made to the trade policies, related to the elimination of all limitations that were placed on exports and imports. This was done in an attempt to boost the exports of domestically produced goods, and more crucially to correct the balance of payments deficit. Moreover, other changes that were made also included several numerous incentives offered to MNCs to encourage FDI, lower tax rates, favourable exchange rate policy, liberal financial institutions and further privatisation of public sectors. During the same period, the government also decided to apply for structural adjustment loans from the IMF and the World Bank, provided that they complied with set of guidelines that were imposed on them. These conditions set out by the two institutions applied to a wide range of factors within the economy, for instance, trade reforms, financial policies, exchange rate regime and many other sectors.

In general, it can be argued that over the last few decades the rising challenges have made the economy more wary of where its main problems and challenges exist, and more crucially how they can go about improving these areas through policy changes. Moreover, trade liberalisation has also benefited the economy by encouraging international trade, which can be used to increase productivity and exports within domestic industries. However, the new trade policies have also had negative impacts on some sectors of the economy, which were unable to deal with the flow of foreign trade and increase in competition. Furthermore, while the main aims of the trade policies was to help achieve growth in domestic industries and foreign trade, other problems experienced by the economy such as high poverty and unemployment were still a major problem for the government. Despite some of the downturns, evidence from the last ten to fifteen years has shown that the overall performance and operations of domestic industries have taken a significant upturn. Moreover, towards the end of the 1990s through towards the new millennium, many of the major flaws shadowing the economy have been corrected. In addition, it can be strongly argued that the domestic economy is much more stabilised in comparison to the last few decades.

The Rationale for Trade and Development

This chapter examines some the general concepts of nations engaging in trade and development, and more crucially the outcomes derived from engaging in multilateral trade. The role of trade in economic development has been a significant factor for several developing nations including India. As reviewed in the previous sections of this report, the main emphasis placed on econom本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。