India was one of the founding members of the World Trade Organization (WTO), established in 1995 as a successor to the General Agreement on Tariffs and Trade. The WTO is an intergovernmental organization that regulates international trade.

India’s membership in the WTO has had a significant impact on its economy and trade policies. First, it facilitated further liberalization of trade. India has had to reduce tariffs and remove quantitative restrictions on imports to align with WTO rules. Second, it increased market access; India has gained access to global markets for its exports, particularly in services such as software and information technology. Third, the country has been able to use the WTO’s dispute settlement mechanism to address trade disputes with other countries. Fourth, India has had to strengthen its intellectual property rights regime to comply with the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights.

However, India needs to do more to allay concerns about the ability of the government to protect public interest and the impact on domestic industries. There have been calls for India to take a more proactive role in shaping global trade rules and ensuring they are fair and equitable. Despite these challenges, India’s membership has been crucial in integrating its economy with the global economy and promoting economic growth and development.