WTO and Indian Economy

The world is changing into a global village. There is a visible change in multiple forms from multiple directions. Starting from economic reforms with emphasis on liberalization, privatization and globalization; the world has witnessed emergence of World Trade Organization (WTO) and its conditionalities which have altered the basic principles of trade, regional groupings, barrier free movements, mergers and acquisitions, Foreign Direct Investment, bi-lateral agreements, etc,. and become the order of the day. The WTO is a multilateral trade body, which puts together the rules for global trade. India, as one of the important members, has played a significant role in the trade negotiations since the WTO came into being. It is believed that the WTO should evolve as a forum not only for free trade but also for fair trade. India is seen as a force to reckon with, as a negotiator having the potential to engage the world on trade issues and be seen as a major economic power. Developing and under-developed countries look upon India for support, advice and guidance. The evolution of G-110 demonstrates that India can be the rallying point for the least developing and small economies that continue to be subjected to trade distortions. The book WTO and Indian Economy is a modest attempt to deal with such a debatable subject. It is divided into three sections followed by a glossary of WTO and related terms. About forty-six eminent economists/researchers from different backgrounds have contributed in this book. The coverage of this book is quite comprehensive; the papers not only study the results of ongoing impact of WTO but also provide futuristic insights too. The scholars have tried to grasp various issues related to WTO in context of agriculture, global market and Indian economy. The book will be of great use to policy makers, public analysts, scholars and students of economics and commerce.