Under the old economic order, India followed a policy of import substitution. This led to the establishment of a complex system of licensing and control over imports through non-fiscal and fiscal barriers.
Trade Policy Reforms have been one of the major planks of the new economic policies initiated from July 1991 onwards. Changes in trade policies have included a significant scaling down of tariff barriers, and a partial dismantling of the system of import and export licences and simplification of procedures.
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