Export performance of India during post-reform

period: constant market share analysis.

Abstract

India has adopted the globalization policy since 1991, and an attempt is made to examine
exports behavior during post reform period and to test the validity of Constant Market Share
Model (CMS). It is found that there was an improvement in increasing export. CMS analysis
has indicated that share in exports increased due to increase in volume of world trade (56.7
percent) and competitiveness in international market (53.5 percent). While India has lost
(10.2 percent) market share due to dismantling of the then USSR, it is gained in Asia and
European regions. Thus CMS analysis suggested that, openness has led to growth of
Indian trade.

I. INTRODUCTION

One of the paradigms in international trade, which is widely accepted is that potential
benefits of open trade outweigh the costs. The unsustainable and often growth--
decelerating effects of inward-looking development strategies glorified in sixties, have given
way for recognizing the positive link between openness and export, and export and growth.
The Classical and neo-classical economists' argument that international trade could be ah
engine of economic growth has come to the fore. As pointed put by Krueger (1998) that
trade policy is integrally tied up with overall development strategy. Third World countries
started realizing that unbounded protectionist approach to international trade would limit
their ability to exploit the resource endowments of their countries, and dependence
mainly/only on domestic market would constrain their growth /development prospects.
Therefore promotion of foreign trade particularly of exports has now become leading effort
of development of many developing countries. Of late, many developing countries have
opted for import liberalization and export promotion.

From the middle of eighties, especially, 1991 onwards India has changed its track from
planning--public sector-regulation fundamentalism to marketisation-privatization
-liberalization regime in its development pursuits. This has turned out to be quite a shift
from inward looking policy of import substitution towards a more outward- oriented policy of
liberalization in order to place the economy on the path of export-led growth. This U-turn
could be attributed to many factors such as liquidity crisis due to imports exceeding
exports, low global credit rating of India, disenhancement with forty years of in-ward looking
development strategy, powerful resurgence of "conservative" economic thinking arguing in
favor of liberalization high rates of inflation, huge budget deficits and "prescriptions" of IMF
and World Bank for availment of credit facilities. The reforms initiated in the area of foreign
trade sector are rated to be the most successful of all reforms initiated since 1991.

It is in this perspective of liberalization; a study of the impact of India's external sector

reforms has become pertinent. Citation of the results of the few studies on this topic would
be in order so as to place the present study in the proper perspective. The study by Kishore
Sharma (2000) has identified export prices, real appreciation of Indian rupee, higher
domestic / international demand and FDI as the major determinants of export performance.
Srinivasan (2001) while recording an improvement in export performance of India in 1990s,
recognizes that India still lags behind compared to other South East Asian Countries.
Arvind Virmani (2003) in his study of Indian economic performance during the pre-reforms
and post-reforms periods has also focused on India's external sector performance
especially export performance during the post-reforms period. The present study is an
attempt to answer three important questions. First, what have been the magnitudes of the
changes that have taken place with respect to share of India's exports in GDP and her
exports in world exports? Second, whether considerable shifts in composition and direction
of trade have occurred during the reforms- regime. Third, what components would account
for export growth in terms of competitiveness, expansion of world trade, composition, and
market distribution?

The objectives set out for the study are as detailed below:

* Analyze the growth of Indian exports of broad commodity groups during the post-reforms
period;

* Examine the shifts in composition and direction of foreign trade;

* Account for growth in exports in terms of components such as competitiveness,

expansion of world trade, commodity composition and market distribution;

* Test the validity of Constant Market Share Model (CMS) with India's foreign trade
experiences during the period of Openness.

The hypotheses derived from the objectives set out for empirical vindication are:

* Growth of exports as a percent of GDP has been increasing during the post-reforms
period.

* There have been shifts both in composition and direction of foreign trade during the post-
reforms period.

* Empirical evidence on Indian exports validates constant market share hypotheses.

II. ANALYTICAL MODEL AND DATA SET

The analytical model proposed for the present study is the Constant Market Share Model.
The Model rests on the basic premise that a country's share in world trade tends to remain
constant between two periods of time. Further it is argued that a country's export may fail to
grow as rapidly as the world average for two reasons. First, exports may be concentrated in
commodity groups for which demand tends to grow relatively at a low rate. Second, export
may be going mainly to relatively stagnant regions/blocs. Third, the country in question may
have been unwilling or unable to compete effectively with other sources of supply in the
international market. For this purpose, exports from rest of the world are treated as
competitor to India.

The Model facilitates measurement of actual export performance against the Constant
Market Share norms, and the difference between the export growth implied by the constant
market share norms and actual export performance is decomposed into world trade effect,
commodity composition effect, the market distribution effect and increased/decreased
competitiveness of the country in question. The Constant Market Share Model (CMS) was
applied by Tystynski (1951) for studying change in market share of country's exporting
manufactured goods during 1899-1950. Learner and Stern (1967) have used CMS
framework for analyzing foreign trade and economic growth in Italy. In line with the study by
Learner and Stern (1967), following definitions are specified for constructing the
decomposition
model:

[V.sub.i] = Value of country A's exports of commodity i in period 1.

[V.sup.1]i = Value of Aj exports of commodity i in period 2

[V.sub.ij] = Value of A's exports to country j in period 1.

[V.sup.1]i = Value of A's export to country j in period 2.

[V.sub.ij]= Value of A's export of commodity i to country j in period 1

r = percentage increase in total world export from period 1 to period 2

[r.sub.i] = percentage increased in world export of commodity i from period I to period 2.

[r.sub.ij] = percentage increase in world export of commodity i to country j from period 1 to

period 2.

The below equation assumes constant market share excepting changes in the relative price
([P.sub.1]/[P.sub.2])

[MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] (1)

where [q.sub.i] and [p.sub.i] are quantity sold and price of the commodity from the ith
supply source. This establishes the validity of the constant share norm and suggests that
the difference between export growths implies by the constant share norm and actual
export growth may be attributes to price changes.

The following equation represents a two level analysis. This equation explains the growth of
country A's exports in term of three attributes. They are: the general raise in world exports;
(2) the commodity composition of A country's export in period: (3) an unexplained residual
indicating the difference between A's actual export increase and the hypothetical increase
of country A had maintains its share of the export of each commodity groups.

[V.sup.1.sub...] - [V.sub.i.] [equivalent to] [summation over (i)] [r.sub.i][v.sub.i] + [summation

over (i)] ([v.sup.l.sub.i] - [v.sub.i] - [r.sub.r] [v.sub.i])(2)

In the following equations we can differentiate by destination as well as by commodity type

[MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] (3)

From the above equation the A's exports is broken down into following parts attribute:

(1) The general rise in world exports.

(2) The commodity composition of A's exports.

(3) The market distribution of A's exports.

(4) A residual reflecting the difference between the actual export growth and the growth that
would have occurred if A had maintained the share of the export of each commodity to
each country. The last part which can be interpreted, as competitiveness residual is not as
straight forward as the other terms. A negative residual reflects a failure to maintain market
shares, if the export demand is in the form of [q.sub.1]/[q.sub.2] = f[[p.sub.1]/
[p.sub.2]]relationship.

The residual is necessarily associated with a rise in relative prices, [p.sub.1]/[p.sub.2]

However the relationship ignores the many other influences that will affect sale ability of a
country's exports in foreign markets.

Under Constant Market Share analysis the direction of exports of world trade as well as
particular country should be classified into region-wise and commodity-wise. The total in
respect of region-wise should be same as commodity-wise. On the basis of above
classification and methodology we can calculate the four types of effects in the following
methods of calculation.

(1) Due to Increase in World Trade

[t.summation over (i=1)] [rv.sub.i]

where, [t.summation over (i=1)] is the commodity-wise sum.

r is the percentage in total world exports from 1 to period 2.

[v.sub.i] = The A's commodity-wise exports in the period 1.

(2) Due to commodity Composition

[t.summation over (i=1)] [r.sub.i][v.sub.i] - [7.summation over (i=1)] [rv.sub.i]

where [r.sub.i] is the percentage increase in world exports of commodity i from period I to
period 2.

[V.sub.i] = The A's commodity wise exports in the period 1

The Second term is defined in 1

(3) Due to Market distribution

[t.summation over (i=1)] [t.summation over (j=1)] [r.sub.ij] [v.sub.ij] - [t.summation over (i=1)]
[rv.sub.i]

[r.sub.ij] is first computed from the cross classification of actual world exports by market
destination and commodity groups and then multiplied by [v.sub.ij] the cross classification
of actual A's exports by market destination and commodity groups for period 1.

The second term is already defined in l.

(4) Due to Increased Competitiveness

[MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII]

The first term is the total export of A's in the period 2

The second term is the total exports of A's in period 1.

The third component or term is already stated in 3.

The study follows standard international trade classification of International Trade Statistics
in developing the data set, and data are extracted from Hand Book of Statistics, Reserve
Bank of India, and International Financial Statistics.

III. EMPIRICAL RESULTS

A. Exports and Gross Domestic Product

It is observed from Table 1 that, the mean growth of GDP was 6.0 percent during the post
reforms period. The mean growth of export was increased to 19.6 percent whereas the
increase in import was 23.0 percent during the post reforms period. It is observed that there
is no consistency in growth rate in the post reforms period. Similar is the case of imports.
However openness of trade has steadily increased exports during the period. It is noticed
that the share of the exports as a percentage of GDP has increased from 4.7 percent in
1990-91 to 19.9 percent as at the end of 2003-04. The mean growth rate has increased to
16.5 percent. The results also establish that trade openness has a positive impact on
export performance in India.

B. Shifts in Composition of India's Exports

The sectoral composition of India's exports indicates that the share of primary products in
exports had declined from 23.8 percent in 1990-91 to 12.4 percent in 2003-04. On the other
hand the share of manufacture goods had increased from 71.6 percent in 1990-91 to 77.8
percent in 2003-04. Further, the petroleum product's share in the total exports has
increased to be considerable extent in the last few years. However the total value of
exports had registered substantial increase in all the sectors during the post- reforms
period. (Table 2 & 3)

The table-3 reveals that the share of the primary products was constant during the first
three years and decreased in subsequent period. But during the last three-year the share
had declined at considerable extent. On the other hand there was a less fluctuation in the
share of manufactured goods in total export during the period under study. Further table-3
also gives the share of major sectors in the total exports during 1990-91 to 2003-04.

From the table 4 we can notice that there has been consistent growth of exports during the
post reforms period. It is observed that the negative growth rate was registered in respect
of primary products as compared to manufactured exports. Further year-to-year percentage
variations in exports of these commodities groups are very well observed.

C. Shifts in Direction and Composition of Exports

For the calculation of export performance of India in respect of direction and composition
we make use of Standard International Trade Classification for commodity-wise. We have
classified the India's direction of exports into 8 markets namely (1) North America; (2) Latin
America; (3) Western Europe (4) Centre / Eastern Europe (5) Africa (6) Middle East (7)
Asia (8) Others. Similarly the commodities have been classified into 9 sections as per
SITC. The groups 0 and 1 and 2 and 4 are combined in this study. For assessing India's
export performance in post-reform period we selected two periods i.e., 1990 and 2000.

The analysis of the changes in Indian exports between 1990 and 2000 is given in the table-
5. The table 6 gives the commodity-wise export performance in between 1990 and 2000.

4. Decomposition of Change in Exports

Between 1990 and 2000 the total change in India's exports worked out to be US$ 26415 as
could be seen in column 3 of table-5. This total change is decomposed into four
components as specified under analytical Model.

1. Due to increase in world trade

[9.summation over (i=1)] [rv.sub.i] 56.7% (8)

2. Due to Commodity Composition

[9.summation over (i=1)] [rv.sub.i] - [9.summation over (i=1)] [rv.sub.i] = 1 0.0% (9)
 3. Due to Market Distribution

[9.summation over (i=1)] [8.summation over (j=1)] [r.sub.ij][v.sub.ij] -[9.summation over

(i=1)] r[V.sub.i] 12295* - 14984 -10.2% (10)

4. Due to increased Competitiveness

[MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] (11)

From the above analysis the following inferences can be drawn:

* India has adopted LPG

for the last one decade. The export performance according of CMS indicates that around 56.7%
of increased exports were due to increase in world trade. 53.5 percent of total export was due to
competitiveness.

* The Study also revealed that Indian has lost -10.2% of export market due to market distribution.
Russia was one of the most important partners of the trade in pre-reformed period. India has lost
this market in post reform.

* India's share in world trade as well as two period of time has increased.

IV. SUMMARY AND CONCLUSIONS

Empirical studies reveal that openness has led to economic growth and increase the volume of
country's trade with the world trade in developing and transitional economies. The finding of the
study supports this hypothesis. It is observed that as the economy opens up the manufactured
goods exports have increased. This study also reveals that the incremental export of 53.5 percent
was due to competitiveness of products in the world market. The globalization has helped the
Indian economy to increase competitiveness of its products in the world market.

Asia and European regions are potential regions for world trade. It is observed that India's exports
to these regions have increased during the post reform period. Therefore efforts should be made
to increase its share in these regions in coming years. It is observed that Indian share in world
trade had increased to 0.8 percent as at the end of 2004.

REFERENCES

Milan Brahmabhatt, T.G. Srinivasan and Kim Murrell (1996), "Indian in the Global Economy'
Policy Research Working Paper 1681, The World Bank.

Kamal Nayan Kabra (2002), "A Decade of Reforms: The Unfinished Agenda", Indian Institute of
Public Administration, New Delhi.

Kaliappa Kalirajan (2000), "The Impact of a Decade of India's Trade Reforms", GRIPS/FASID,
Joint Graduate Program, Tokyo.

T.N. Srinivasan (2001), "India's Reforms of External Sector Policies and Future Multilateral Trade
Negotiations', Center Discussion Paper No. 830, Economic Growth Center, Yale University, New
Haven.

Ram Kishen S. Rahul Sen (2002), "Trade Reforms in India Ten Years On : How Has it Fared
Compared to its East Asian Neighbors? Visiting Researchers Series No. 1 (2002), Institute of
Southeast Asian Studies.
Krueger O.A, "Why Trade Liberalization is Good for World" The Economic Journal 108 (Sept)
1998.

Et-Agra A.M. (1989), The Theory and Measurement of International Economic Integration,
Macmillan.

Edward E. Learner, (1970), Quantitative International Economics, Adine Publishing Company,

Chicago 1970.

Tyszynski. H, (1951), World Trade in Manufacturing Commodities, 1899-1950, The Manchester

School, XIX, 272-304.

MANJAPPA D. HOSAMANE AND S. BISALIAH

Department of Studies in Economics & Co-operation

University of Mysore, Mysore

Table 1
Trade Openness and GDP in India 1990 to 2004

(US $ Million)

Growth Rate

Year Exports Imports GDP

1990-91 17.69 22.3 5.6

1991-92 35.3 10.8 1.3
1992-93 21.9 32.4 5.1
1993-94 29.9 15.3 5.9
1994-95 18.5 23.1 7.3
1995-96 28.6 36.4 7.3
1996-97 11.7 13.2 7.88
1997-98 9.5 11.0 4.8
1998-99 7.4 15.7 6.5
1999-00 14.2 20.7 6.1
2000-01 27.6 7.3 4.0
2001-02 22.1 21.2 6.0
2002-03 15.0 20.8 4.2
2003-04 21.3 31.3 8.5
MeanGrowth 19.6 23.0 6.0

Percentage of GDP

Trade
Year Exports Imports Openness EEx/Im

1990-91 4.7 6.2 10.9 0.75

1991-92 6.3 6.8 13.0 0.92
1992-93 7.3 8.6 15.8 0.84
1993-94 8.9 9.3 18.3 0.95
1994-95 9.8 10.7 20.6 0.92
1995-96 11.8 13.6 25.5 0.87
1996-97 12.2 14.3 26.6 0.85
1997-98 12.8 15.2 27.9 0.84
1998-99 12.9 16.5 29.4 0.78
1999-00 13.8 18.7 32.6 0.74
2000-01 17.1 19.3 36.4 0.88
2001-02 16.5 19.3 35.8 0.85
2002-03 19.5 22.5 46.5 0.87
2003-04 19.9 24.3 44.2 0.82
MeanGrowth 16.5 19.5 37.0 0.84

Table 2
Exports of Principal Commodities

(US $ Million)

Year/ Primary Manufactured Petroleum Others

Commodities Products Goods Products Total

1990-91 4324 12996 522 302 18145

1991-92 4132 13148 414 170 17865
1992-93 3873 14038 476 148 18537
1993-94 4915 16656 397 268 22238
1994-95 5214 20404 416 294 26330
1995-96 7256 23747 453 583 31794
1996-97 8035 24613 481 339 33469
1997-98 7687 26546 352 419 35006
1998-99 6927 25791 89 409 33218
1999-00 6524 29714 38 544 36822
2000-01 7126 34335 1869 1229 44560
2001-02 6146 33792 3177 712 43827
2002-03 6962 41070 4275 412 52719
2003-04 7888 49671 5666 618 63843

Table 3 Percentage Share of Broad Groups of Exports to Total Exports

Commodities Primary Manufactured Petroleum

Year Products Goods Products Others

1990-91 23.8 71.7 2.9 1.6

1991-92 23.1 73.6 2.3 0.9
1992-93 20.8 75.7 2.5 0.9
1993-94 22.2 74.9 1.8 1.2
1994-95 19.8 77.5 1.6 1.1
1995-96 22.8 74.7 1.4 1.1
1996-97 24.0 73.5 1.4 1.1
1997-98 21.9 75.8 1.0 1.3
1998-99 20.8 77.6 0.3 1.3
1999-00 17.7 80.7 0.1 1.5
2000-01 16.0 77.0 4.2 2.8
2001-02 14.0 77.1 7.2 1.7
2002-03 13.2 77.9 8.1 0.8
2003-04 12.4 77.8 8.9 0.9

Table 4
Percentage Change in Exports of Principal Commodity Groups

Year Primary Manufactured Petroleum Others

Commodities Products Goods Products Total

1990-91 11.4 8.6 26.7 -10.9 9.2

1991-92 -4.4 1.2 -20.6 -43.7 -1.5
1992-93 -6.3 6.8 14.9 -12.9 3.7
1993-94 26.9 18.6 -16.6 81.1 20.0
1994-95 6.1 22.5 4.8 9.7 18.4
1995-96 39.2 16.4 8.9 98.3 20.8
1996-97 10.7 3.6 6.2 -41.8 5.2
1997-98 -4.3 7.8 -26.8 23.6 4.6
1998-99 -9.9 -2.8 -74.7 -2.4 -5.1
1999-00 -5.8 15.2 -57.3 33.0 10.8
2000-01 9.2 15.6 48.1 125.9 21.0
2001-02 -13.7 -1.6 69.9 -42.0 -1.6
2002-03 13.3 21.5 34.5 -42.1 20.3
2003-04 13.3 20.9 32.5 50.0 21.1

Table 5
Illustration of the Constant-Market-Share Analysis of Changes in
Indian Exports 1990-2000

(US $ Million)

Market 1 2 3 4

Actual World Actual India's

Export Export

1990 2000 1990 2000

1. North America 1 521000 1058000 2829 9961

Latin America 2 146000 358000 95 1018
Western Europe 3 1637000 2441000 5524 11248
C,/E. Europe/Baltic
States/CIS 4 105000 270000 3243 1317
Africa 5 104000 144000 393 1956
Middle East 6 134000 262000 1020 4850
Asia 7 737000 1650000 4505 12300
All Other 8 4000 3000 536 1910
Total 3388000 6186000 18145 44560

Market 5 6 7

1. North America 1 1.0307 2915.9 2336.2

Latin America 2 1.4521 137.95 78.451
Western Europe 3 0.4911 2713.1 4561.7
C,/E. Europe/Baltic
States/CIS 4 1.5714 5096.1 2678.1
Africa 5 0.3846 151.15 324.54
Middle East 6 0.9552 974.33 842.32
Asia 7 1.2388 5580.8 3720.2
All Other 8 -0.25 -134 442.63
Total 0.8259 14985 14984

Table 6
Commodity Composition of World Exports And Indian Exports

(US $ Million) Commodity

1 2 3 4
 Actual World Actual Indian
Export Export

1990 2000 1990 2000

1. SITC 0 & 1 315000 442000 2543 5476

2. SITC 2 & 4 99000 115000 1308 1630
3. SITC 3 410000 693000 522 1869
4. SITC 5 295000 573000 1306 4949
5. SITC 6 282000 421000 7515 16982
6. SITC 7 1212000 2565000 2250 6818
7. SITC 8 371000 648000 2284 5633
8. SITC 9 404000 729000 417 1203
Total 3388000 6186000 18145 44560

5 6 7

1. SITC 0 & 1 0.4032 1025.3 2100

2. SITC 2 & 4 0.1616 211.39 1080.1
3. SITC 3 0.6902 360.31 431.07
4. SITC 5 0.9424 1230.7 1078.5
5. SITC 6 0.4929 3704.2 6205.9
6. SITC 7 1.1163 2511.8 1858.1
7. SITC 8 0.7466 1705,3 1886.1
8. SITC 9 0.8045 335.46 344.36
Total 0.8259 14985 14984

APPENDIX I

North Latin Western C./E

v1 / v2 America America Europe Europe Africa

SITC 0 & 1 25 21 361 550 23

SITC 2 & 4 -77 188 -139 0 0
SITC 3 -70 4 102 173 0
SITC 5 184 7 184 -110 0
SITC 6 1144 -12 -598 4455 190
SITC 7 240 20 528 -196 0
SITC 8 145 0 326 0 -43
SITC 9 416 0 0 -252 0
Total 2007 228 764 4620 170

Midde All
v1 / v2 East Asia Others Total

SITC 0 & 1 33 201 0 1214

SITC 2 & 4 0 -83 0 -111
SITC 3 29 65 0 303
SITC 5 -85 1148 0 1328
SITC 6 1790 -1123 0 5846
SITC 7 -165 1354 0 1781
SITC 8 -46 987 0 1369
SITC 9 0 516 -115 565
Total 1556 3065 -115 12295
Abstract

India has adopted the globalization policy since 1991, and an

attempt is made to examine exports behavior during post
reform period and to test the validity of Constant Market
Share Model (CMS). It is found that there was an
improvement in increasing export. CMS analysis has
indicated that share in exports increased due to increase in
volume of world trade (56.7 percent) and competitiveness in
international market (53.5 percent). While India has lost
(10.2 percent) market share due to dismantling of the then
USSR, it is gained in Asia and European regions. Thus CMS
analysis suggested that, openness has led to growth of
Indian trade.

I. INTRODUCTION

One of the paradigms in international trade, which is widely

accepted is that potential benefits of open trade outweigh
the costs. The unsustainable and often growth--decelerating
effects of inward-looking development strategies glorified in
sixties, have given way for recognizing the positive link
between openness and export, and export and growth. The
Classical and neo-classical economists' argument that
international trade could be ah engine of economic growth
has come to the fore. As pointed put by Krueger (1998) that
trade policy is integrally tied up with overall development
strategy. Third World countries started realizing that
unbounded protectionist approach to international trade
would limit their ability to exploit the resource endowments
of their countries, and dependence mainly/only on domestic
market would constrain their growth /development
prospects. Therefore promotion of foreign trade particularly
of exports has now become leading effort of development of
many developing countries. Of late, many developing
countries have opted for import liberalization and export
promotion.

From the middle of eighties, especially, 1991 onwards India

has changed its track from planning--public sector-regulation
fundamentalism to marketisation-privatization -liberalization
regime in its development pursuits. This has turned out to be
quite a shift from inward looking policy of import substitution
towards a more outward- oriented policy of liberalization in
order to place the economy on the path of export-led
growth. This U-turn could be attributed to many factors such
as liquidity crisis due to imports exceeding exports, low
global credit rating of India, disenhancement with forty years
of in-ward looking development strategy, powerful
resurgence of "conservative" economic thinking arguing in
favor of liberalization high rates of inflation, huge budget
deficits and "prescriptions" of IMF and World Bank for
availment of credit facilities. The reforms initiated in the area
of foreign trade sector are rated to be the most successful of
all reforms initiated since 1991.

It is in this perspective of liberalization; a study of the impact

of India's external sector reforms has become pertinent.
Citation of the results of the few studies on this topic would
be in order so as to place the present study in the proper
perspective. The study by Kishore Sharma (2000) has
identified export prices, real appreciation of Indian rupee,
higher domestic / international demand and FDI as the major
determinants of export performance. Srinivasan (2001) while
recording an improvement in export performance of India in
1990s, recognizes that India still lags behind compared to
other South East Asian Countries. Arvind Virmani (2003) in
his study of Indian economic performance during the pre-
reforms and post-reforms periods has also focused on India's
external sector performance especially export performance
during the post-reforms period. The present study is an
attempt to answer three important questions. First, what
have been the magnitudes of the changes that have taken
place with respect to share of India's exports in GDP and her
exports in world exports? Second, whether considerable
shifts in composition and direction of trade have occurred
during the reforms- regime. Third, what components would
account for export growth in terms of competitiveness,
expansion of …