Trade travails

For several years, exports from India did extremely well. Whatever the reasons for this may have been, an "if it ain't broke, don't fix it" view emerged in the trade policy debate. Consequently, the annual ritual of the trade policy announcement was reduced to a mere formality, not worthy of much discussion or analytical comment, save the routine second editorial in the odd business daily. However, over the past couple of years, the situation has changed dramatically. Exports have been declining consistently and, even if imports have also been slowing, the trade gap has widened to alarming levels. 

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