Write a brief note on Trade and Investment policy reforms

Liberalisation of trade and investment regime was initiated to increase international competitiveness of industrial production and also foreign investments and technology into the economy. In order to protect domestic industries, India was following a regime of quantitative restrictions on imports.The trade policy reforms aimed at :
(i) dismantling of quantitative restrictions on imports and exports.
(ii) reduction of tariff rates.
(iii) removal of licensing procedures for imports.