Over a quarter century of market-oriented (or liberal, or
free market) reforms (1991–2016), the manufacturing
(or industrial) sector has grown annually between 7%
and 8% on a trend basis (depending upon the data series chosen)
(Figure 1, p 62).1
The growth rate after the reforms is higher than
in the preceding quarter century, but it is roughly the same as
in the 1980s, when the early reforms were initiated. India’s
share in global merchandise trade has moved up from nearly
0.5% in 2000 to 1.5% by 2015, and the share of services exports
rose from 1% to 3% during the same period.