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exports within that industry. The following year the Finance Act was yet again revised, the import duty rates were reduced from 93 percent to 87 percent and the tariffs on the import of capital goods were lowered for several industries. In general, despite the reductions in import duty and tariff rates, there was still a degree of bias with regards to the fairness and benefits of these policy changes. Therefore it can be argued, in economical terms the so called fair trade laws that are implemented by the government in order to encourage fair trade and economic development, are actually hampering this process in the case of the Indian economy.

Therefore, under the control of the new government headed Prime Minister Narasimha Rao finance Minister Dr. Manmohan Singh, the Tax Reforms Committee was appointed to analyse the problems with import tariffs and custom duties, and bring about new changes that were required. As part of the changes that were planned to take place, the committee had highlighted several fundamental factors that needed to pursue in order to help improve economic growth and the performance of all industrial sectors. One of the first factors highlighted was the need to reduce the general tariff levels, which in effect was still crucial as it was affecting the performance of many infant industries. There was also emphasis placed on the need to abolish the distribution of tariff rates amongst various industries, so that there could be one tariff for all sectors of the economy and also to reduce the complications of the import policies. In addition, almost all tariff related incentives offered under previous reforms were all abolished, in order to eliminate favouritism between the industries that were growing faster than some of the slower ones. Having outlined some of the proposed plans to the tariff and duty rates, it is fair to say that the effects of such changes would require a fair amount of time in order for the economy to grasp and benefit from. Throughout the 1990s and into the new millennium further reductions were made to tariff rates, with more emphasis placed on reducing the duties on goods imported for manufacturing and domestic purposes. More specifically, from start of trade liberalisation in 1991 till 1995 the tariff rates had been reduced from a mere 400 percent to 50 percent, Rana (1997). In general, it can be argued that the initial use of tariff rates was mainly imposed in order to protect domestic industries from competition. However, with the transition of the economy since the mid 1980s, the mind frame of the government had changed in favour of cutting back tariff rates in order to provide a chance for domestic industries to become more competitive and also improve productive efficiency amongst firms.

Having thoroughly examined the tariff process with regards to imports of goods and services into the domestic economy, this section will now give an overview of policies relating to export duties. To a certain extent, exports have had influential role on most of the domestic industries in India. The main reason behind this is due to fact that the economy has a comparative advantage over a few goods that include tea, rice and textiles. Therefore, in theory the these particular sectors of the economy have some characteristics of monopoly power, which provide本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。