Subject(s): Trade Policy -- World War -- Commercial policy -- Economic Conditions -- Liberalization -- Foreign Investment -- Foreign trade of India- Pre independence period : First world war, great depression, second world war -- India's post independence trade policy : Changing pattern of world trade, developing countries- trade openness, partition and aftermath, devaluation of rupee in 1966, import substitution, balance of payments crisis, post 1991 reforms in foreign trade sector, tenth five year plan, India's look east policy, India's share in world trade -- Exports- trends in composition, destination and strategy : Post independence export performance, trends in composition of exports, medium term export strategy, future of India's exports -- Imports : trends in composition and origin : Trends in composition of imports, import intensity of exports in India, trends in origin of imports, reduction in Tariff and non tariff barriers, future of India's imports -- India's export-import (EXIM) policy- towards liberalization : Special economic zones, foreign trade policy- FTP -- Customs tariff policy - moderation and simplification : Tax reforms committee, import tariff rationalization, customs tariff report, import duty structure recommended by task force on indirect taxes, off budget package of tax concessions, export tariff policy -- Current account flows and macroeconomic stability : Current account deficits- global and Indian experience, current account stability and convertibility in India, GATS -- Capital account flows- gradualist approach : Capital flows, volatility of capital flows, capital inflows and outflows, instruments of sterilization, recommendations of working group on instruments of sterilization, capital account convertibility, global experience on capital controls, EMEs, objectives of capital controls, IMF, OECD, WTO -- Foreign exchange reserves- policies and perspectives : Motives for holding foreign exchange reserves, gold reserves, India's approach to reserve management -- Exchange rate management- new initiatives : Exchange rate determination, choice of exchange rate regime, exchange rate policy, hedging facilities for authorized dealers -- External debt and aid- reduced dependence : indicators of sustainable level of external debt, India- external debt management since 1991, components of India's external debt, external commercial borrowings, India development bonds, resurgent India bonds, India millennium deposits, non resident deposits, NRI deposits and monetary management, external aid -- Foreign investment in India- issues and concerns : Foreign direct investment FDI, FDI at global level, India's policy towards FDI, routes for inward flows of FDI, sectoral dimensions of FDI in India, India's tax policy and FDI, deterrents to FDI flows into India, measures taken in 2005-06 to promote FDI, agenda to improve FDI environment, national security concerns, India's investment climate, foreign portfolio investment -- WTO and India's foreign trade : Third trade policy review of India at WTO, current issues at WTO, NAMA, ATC -- Year wise review of developments in India's foreign trade 1947-48 to 2006-07