• Kumara H D

The 1991 economic reforms in India catalysed a profound transformation of its trade patterns, fundamentally altering its import-export dynamics. These reforms, characterized by tariff reductions, deregulation, and currency devaluation, integrated India into the global economy and significantly boosted its export capacity. The diversification of exports from agriculture to high-value sectors, particularly information technology (IT) services and pharmaceuticals, was one of the most successful outcomes. The IT sector rapidly became a global leader in outsourcing, and the pharmaceutical industry established itself as a key player in the generics market. In 2021, India’s trade deficit with China exceeded $65 billion, highlighting the ongoing dependency on Chinese goods. Despite these challenges, the reforms contributed to a significant increase in foreign exchange reserves, export competitiveness, and global economic integration. Recent initiatives such as ‘Make in India’and ‘Atmanirbhar Bharat’objective was to reduce import dependency, particularly in key sectors like electronics and defence. However, the trade deficit, especially with China, remains a critical concern. Despite impressive strides in export growth, India’s long-term economic stability will depend on addressing the trade deficit and reducing dependency on foreign imports through enhanced domestic manufacturing capabilities. Thus, while the reforms successfully positioned India on the global stage, the unresolved challenges in trade imbalance highlight the need for ongoing economic recalibration.

Economic Reforms, Export Diversification, Import Dependency, Liberalization and Global Economic Integration.

"Analysis of Indian Exports and Imports after the Economic Reforms (1991- 2023)", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 4, page no.o52-o59, April-2025, Available :http://www.jetir.org/papers/JETIR2504F07.pdf

"Analysis of Indian Exports and Imports after the Economic Reforms (1991- 2023)", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 4, page no. ppo52-o59, April-2025, Available at : http://www.jetir.org/papers/JETIR2504F07.pdf