Prior to the launching of economic reforms in 1991, foreign trade of India suffered from strict bureaucratic controls and discretionary regulations. With a view to simplify procedures and reduce controls, the Government made a Statement on Trade Policy in Parliament on August 13, 1991, ushering a new era in the foreign trade policy of India. Instead of controls and regulations, the focus shifted to promotion and development of foreign trade. The present book provides a comprehensive view of the changes in India's foreign trade during the post-liberalisation period. It also traces policy developments with regard to direct foreign investment during the reforms period.