Time to scrap the annual trade policy

The rapid rise in the current account deficit (CAD) is of great concern. If not arrested, it might lead to an economic crisis much deeper than what we witnessed in 1991. I have pointed out in the India chapter of a forthcoming volume of the Political Economy of Trade Policy in the BRICS Countries, the urgency of implementing second-generation trade reforms to avoid any balance of payment (BoP) crisis and to make us a global economic player with a significant rise in our trade share.

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