But long-term strategy to double our share of world export by 2020 is lacking in our foreign trade policy for 2010-14. An important feature of new trade policy is that it seeks to eliminate taxes and duties from exports so as to make exports more competitive. This helps to keep the balance of payments in equilibrium. An important advantage of export-oriented strategy arises from economies of scale which can be reaped more effectively. Similarly, localized disasters can cause worldwide shortages of the products that countries specialize. These include easier land requirement norms, simpler exit options, cheaper credit and tax breaks for import of machinery. The government would promote establishment of a common facility centres for home-based service providers. 10 Additionally, some domestic production was explicitly protected from outside competition, for an extensive period of time and until local business entities had become strong enough to compete internationally.
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Phdcci president Ravi Wig said the emphasis on a partnership approach between industry and government for doubling Indias merchandise exports in the next five years is a positive step. Eusuf and Ahmed (2008) stated that An error correction model was applied to data from South East Asian countries: Pakistan, India, Sri Lanka, Bhutan, Nepal, Maldives and Bangladesh. Empirical evidence shows reduction in protection increases efficiency and productivity in the domestic industries as it exposes them to foreign competition. Late 1990s: the Washington consensus was called into question even by the Chief economist of the World bank, Joseph Stiglitz. According to him, such a trade strategy will not lead to profit-seeking unproductive activities. Export-orientation of trade policy. Firms are driven by global competition and are forced to be as efficient as possible. Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations,. It is evident from above that in the eighties, especially in the later half of eighties, a more liberal trade policy was adopted to promote exports on the one hand and to provide for imports of capital goods and technology so as to enable India. Country-specific empirical studies are, as well, against the export oriented policies in the case of India (Xu, 1996) and five asean countries (Ahmed and Harnhirun, 1996).