A STUDY ON INDIA’S POLICY REFORMS OF INTERNATIONAL TRADE

Abstract

In light of the current pandemic apart from an evident health crisis, India along with the rest of the world is also facing Economic crisis. As a result of past lockdowns and social distancing, the global trade and investments have been vastly impacted which led to a fall in India’s exports and imports by 29% in March 2020. The disruption of supply chains and demand for products directly impacts the uncertainty and unemployment. This pandemic also stemmed intolerance by many countries towards China, they have also noted the effects of over-dependence on a single country. This presents India with an opportunity to position itself on the global market to replace China in various sectors such as the Pharmaceutical Industry. During this time the trade policy reforms play a vital role to measure our response, a good start would be revising the policies of FDI. We need to improve domestic production and exports and reduce reliance on other countries. This paper is written focusing on the Indian policy framework, it will broadly deal with the policy reforms of International trade and services. The first part of the paper helps understand the measures already taken by the government in the light of the pandemic and reviews their effectiveness. While the second part focuses on suggestions to limit the negative impact and schemes to capitalize the current situation in terms of trade.