Before Liberalisation in the 1990s, many sectors of the Indian economy were not integrated with the rest of the world. Until 1990, India’s trade – sum of exports and imports of goods and services – amounted to 15% or less of its GDP. It weathered the 1997 Asian financial crisis well because trade made up just over 20% of GDP at the time. But by the 2008 global meltdown India’s trade-to-GDP ratio had crossed 50%, so its impact was strongly felt. At present, India’s trade-to-GDP.
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