Previous trade policies can help avoid pitfalls

In the seventies, the feeble attempts to promote exports started and gained some steam in the eighties

In a couple of days, we will celebrate our 72nd Independence Day. A brief look at the trade policy in the last seven decades can help us avoid the pitfalls in the road ahead.
 
In the early years, the policy was to curb imports for conspicuous consumption to help cope with dwindling foreign exchange reserves. In the fifties, import licensing was introduced and high import duties were levied with a view to protecting domestic producers. Imports of essential capital goods and inputs were allowed through licences issued with bilateral or multilateral grants or loans financing them. Agreements with the