This paper will focus on the revolution in Indian foreign trade that has occurred in the 1990s. The actual elements of the policy will be enumerated and outlined. Subsequently, their wider impacts on the Indian economy will be explored. Most importantly, recent setbacks will be considered. Arguably, the most important question relates to whether these recent setbacks reflect temporary political circumstances or structural problems with the Indian economy. Globalization has become the dominant economic paradigm. The question is whether or not India is able to benefit from that trend and what it must do to maximise its benefit. 14.5 pgs. 27 f/c. 23b.
