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ations Technology (ICT) sector has become one of the most advanced and specialised sectors in the world. Many of the major computer manufacturers have all set up Greenfield investments in this highly specialised industrial sector. In addition, the overall literacy levels for the majority of the states have increased, which implies that local firms have access to a more specialised market.

Graph 1: Trend in Exports for India during 1948-2008

Source: IMF World Data Statistics, for India 1948-2008

Based on the graph above, it is clearly evident that there overall export levels for India have been increasing. Export growth had been very much stable during late 1940s and mid 1970s; this was mainly due to the restrictive trade policies implemented on trade. Furthermore, from the 1980s onwards the trend in export growth had accelerated at a much greater pace than in previous years. The reason for this pattern was due to the fact that during the mid 1980s the first phase of liberalisation of the economy began, there was a general reduction in licensing laws and trade barriers. Moreover, during the early 1990s the export levels had almost remained constant; this was due to the hike in oil prices caused by the Gulf war. This also led to a trade e deficit for the Indian economy, therefore the government decided to significantly depreciate the currency in order to make exports more desirable to foreign markets. The pace in export picked up dramatically from the begging of the millennium, whereby total value of exports had risen roughly 5 million (US dollars) to almost 30 million in 2008. The main contributors to export growth where manufacturing industries and Information Technology (IT) sectors of the economy, since Indian had a comparative advantage in the textiles and computer software industries.

Graph 2: Trend in Imports and Exports for India during 1948-2008

Source: IMF World Data Statistics, for India 1948-2008

In relation to the the graph above, it can be observed that although there has been growth for both imports and exports, it seems that over time the sharp rise in domestic import levels have increased at greater rate relative to exports. Moreover, if the economy wishes to gain economic growth and become a key global exporter through the import liberalisation policies, it will need to focus on becoming a relatively big importer. The implication of such statement sheds light on the importance of new reforms such as lowering tariff barriers and abolishing licensing laws, in order to improve growth and performance of firms and ultimately exports. In addition, during recession in 1991 it can be observed that there was a slight contraction in the level of imports whilst export levels remained steady. Nevertheless, from the end of the 1990s till 2008 there has been a surge in imports, which could be due to the surge in FDI activities and the modernisation of domestic industries through imports of new capital.

Graph 3: Comparison of Tariff Rates with Imports and Exports for India during 1948-2008

Source: IMF World Data Statistics, for India 1988-2008, UNCTAD TRAINS, for India 1988-2008

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