a decade of economic liberalization in india impact on trade and investment by ramkishen s rajan rahul sen november 2001 highly preliminary draft comments welcome _______________ school economics university adelaide australia e mail edu au department national singapore artp8238 nus sg helpful suggestions mukul asher sadhana srivastava are appreciated the usual disclaimer applies 1 introduction strategic objective indian policy makers at outset independence was creation self reliant economy reduction high levels poverty that existed all within democratic political framework order to achieve these objectives authorities steadfastly pursued socialist strategy state directed heavy industry based industrialization complemented an across board import substitution financial repression complex industrial requirements srinivasan 1996 notwithstanding some notable successes statist interventionist development policies adhered during this period insulation led severely distorted production structure while growth did pick up latter half 1970s generally mired vicious circle low productivity product obsolescence slow
