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India WT/TPR/G/249
Page




World Trade

Organization

RESTRICTED




WT/TPR/G/249

10 August 2011







(11‑3949)







Trade Policy Review Body

Original: English




TRADE POLICY REVIEW
Report by
INDIA



Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), the policy statement by India is attached.




Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on India.



CONTENTS

Page

I. INTRODUCTION 5



II. ECONOMIC ENVIRONMENT 5

(1) Growth 5

(2) Savings and Investment 7

(3) Exports, Imports, and Trade Balance 7

(i) Merchandise exports 8

(ii) Merchandise imports 8

(iii) Trade balance 9

(iv) Direction of merchandise trade 10

(v) Services trade 10

(4) Foreign Investment 11

(i) Foreign direct investment (FDI) and foreign institutional investment (FII) 11

(ii) Outward investment by India 12

(5) Opportunities for Growth 12

(i) A promising rural economy 12

(ii) India's demographic dividend 13

(iii) Skill development 13

(iv) Innovation 13

(6) Challenges 14

(i) Inflation 14

(ii) Fiscal deficit 14

(iii) Infrastructure 15

(iv) Agricultural growth and food security 16



III. MOVING AHEAD ON REFORMS 17

(1) Fiscal Reforms 17

(2) Financial Sector Reforms 18

(3) Reforms in Foreign Investment Policy 19

(4) Industrial Reforms 19

IV. TRADE POLICY 20

(1) Foreign Trade Policy 20

(2) Continuous Tariff Liberalization 21

(3) Trade Facilitation Measures 21

(4) Trade Policy Challenges Facing India 22

V. INDIA AND THE WTO 22

(1) WTO Negotiations 22

(2) Duty Free Quota Free (DFQF) Access 23

Page

VI. REGIONAL AND BILATERAL ARRANGEMENTS 23

(1) South Asia Region 23

(2) South East and East Asia 23

(3) Australia and New Zealand 24

(4) Americas 24

(5) Europe 24

(6) Middle East and Africa 24

(7) Other Agreements and Negotiations 24

VII. CONCLUSION 24



CHARTS

Chart 1 GDP and sectoral growth rates 6

Chart 2 Import and export growth rates 9

Chart 3 Merchandise trade: exports, imports, and trade balance 9

Chart 4 FDI inflows and net FII 11

TABLES

Table 1 GDP and sectoral growth rates 6

Table 2 Share of different sectors in GDP 7

Table 3 Merchandise trade: exports, imports, trade balance, and trade openness 8

Table 4 Trade in services 10

Table 5 FDI inflows and net FII 11

Table 6 Fiscal deficit and revenue deficit of the Central Government 15

Table 7 Sources of tax revenue 17




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