| US Trade deficit, 1790 - 2000 Source: US Office of trade and Economic Analysis (in millions of dollars) |
| YEAR ****** 1790 1800 1850 1900 1950 1980 1985 1990 1998 2000 |
| Trade Balance in Million Dollars -3 -20 -29 545 1,043 24,245 -132,143 -101,012 -229,758 -436,104 |
| The point being - the only super power in the world (USA) has had a trade imbalance since time im-memorial. The key for India is not to worry about the trade deficit, but to keep increasing its share in the global trade. Summary: The macro economic reform policies were introduced by the Government of India in July 1991 in the industrial, commercial and financial sectors. The trade policy reforms aimed at creating an environment for achieving a quick quantum jump in exports. Major changes were effected in the Exim Policy to serve this purpose. Commodity-specific as well as country-specific liberalisation measures were resorted to, to promote further exports. The commerce ministry and the associated organisations were re-oriented to bring about a totally exporter-friendly climate. |
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