In India’s Trade Policy: The 1990s and Beyond (2024), economist Arvind Panagariya analyzes the evolution of India’s trade policy, focusing on the landmark liberalization of the 1990s and the policies that followed. Panagariya examines the changes that occurred when India shifted to an open economy in a sharp departure from decades of restrictionist policies. The book sheds light on the challenges, successes, and economic shifts India experienced as it began embracing free trade principles and integrating with the global economy.

Panagariya explores the effects of trade liberalization on different sectors—-manufacturing, agriculture, and services—and its impact on economic growth, employment, and poverty reduction. He argues that the policy shifts of the 1990s set the stage for India’s impressive growth in subsequent years, but he also addresses the need for continued reforms to maintain competitive advantages in an increasingly globalized world. The book critically examines policy changes in areas such as tariffs, exports, and foreign direct investment regulations, showing how they were essential for economic success.

Panagariya not only highlights the complexities of trade policy reform in India but examines the broader implications of economic liberalization for developing economies.