IMPORT POLICY-Search for Instant Growth

IMPORT POLICY Search for Instant Growth Arun Goyal THE three-year import policy announced in April this year continues the liberalisation trend which began eight years ago when the Janata government came to power at the Centre. The first wave started in 1978-79 following the Alexander Committee's report and a comfortable exchange reserves position as a result of remittances of Indian workers in Gulf countries. The IMF loan conditionalities forced the next major liberalisation in the 1982-83 policy. The Open General Licence (OGL) lists for both capital goods and raw materials were expanded with the backing of the IMF's Extended Fund Facility. Unlike the earlier waves, the third major liberalisation, announced in the 1985-86 policy, lacks a favourable context.