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The World Trade Organisation (WTO) is the successor of GATT and came into existence on Januwith the objective to enforce an open, equitable, non-discriminatory and rule based multilateral trading system. Further the creation of WTO had provided an export friendly environment and wider scope of access to new markets through greater liberalisation in international trade rules. The economic reforms of 1990s with focus on liberalisation have enabled increased integration of the Indian Economy with the rest of the world.

The most effective means encouraging outward orientation is to lower tariffs on imports so that the anti-export bias, both in policies and mind-sets get corrected. With this various policy incentives in order to encourage exports was introduced in foreign trade policies. Over time, therefore the stress on import-substitution was gradually diluted and emphasis began to be placed on exports. Until Third Five Year Plan the major thrust of Government of India was on pursuing an inward oriented import substitution policy, however it entailed higher domestic resource cost and also increased dependency of the country on the industrialist world. Exports growth builds import capacity and industries engaged in exports production have the high intensity to absorb surplus of labour force of developing country like India which thereby leads to the creation of employment and increase in income which leads to rise in savings which is transferred into investment in physical and human capital, and thus in the rate of economic growth. The role of exports has been widely recognised as an important instrument for country’s economic development process.

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