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bring about inequalities in wages, since developing economies may not be able to compete with developed economies. Other disadvantages to international trade also include, for example, a country may be heavily dependent on foreign sources of supply for their inputs, which means that the performance of trade and output will be highly reliant on and foreign markets. Thus, if the price of raw materials increases or if there is a shortfall in the supply of the product, the importing country may encounter heavy losses and as a result can lead to a deficit. In addition, the performance of trade can also be affected by the colonial legacy experienced by most developing countries such as India, and therefore it take time for a government to establish new policies and reforms for its economy and political system, Shamsavari (2009). Overall, it can be argued that if trade had such negative impacts on domestic economies, the individual nations may choose to stop trading. However, on realistic terms the flow of trade between nations can balance out these problems, so that all countries can benefit.

Literature Review

Introduction

Over the last two decades there has been swift transformation of the Indian economy through adopting trade liberalisation policies. Though the miracles did not happen overnight, the gradual progress of the new reforms over time has resulted in a success story for the country. This literature review is to provide a critical overview of the existing studies based on India's decision to liberalise trade, reduce import tariffs and the consequences on the performance of domestic firms and exports within the economy. The material which will be reviewed shall cover the various pieces of empirical and academic research conducted based on this topic, in order to interpret the results and main arguments that have been made. Thus, the methods and techniques used in each of the studies will produce a mixture in outcomes with regards to the implications of trade liberalisation and performance of domestic firms and general export levels. The crucial points of this literature review seem to indicate that trade liberalisation has its strengths and weaknesses on the domestic economy of India, and the statistical outcomes of each of the empirical studies seems to portray different results with regards to the performance of local firms and industry in general.

On the hand, research carried out by Nambiar, Mungekar and Tadas (1999) highlighted that since opening the domestic economy to foreign trade, the manufacturing industry has suffered a decline in production and employment. The report also raises awareness of the transition from high skilled jobs to low skilled jobs, which hinders the chances for local firms to become more established and competitive. Given the fact that the methods and techniques used by various researchers tend to differ, it will be interesting to assess the effectiveness of the techniques with regards to how they can be related to the volume of exports and the overall performance of local firms.

Introduction to trade liberalisation, import tariffs, domestic firms and exports.

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