WTO IN INDIAN ECONOMY (SELECT SECTOR)

The term globalization means integration of economics and societies through cross country
flows of information,ideas,technologies,goods,services,capital,finance and people.India is a
founder member of the GATT 1947 and its successor, the World Trade Organisation(WTO),which
came into effect on 1-1-95.after the conclusion of the Uruguay Round(UR)Multilateral Trade
Negotiations.India’s participation in an increasingly rule based system in the governance of
international trade is to ensure more stability and predictability which ultimately would lead to
more trade and prosperity for itself and the 149 other nations which now comprise the
WTO.India’s experience shows that it has been able to increase its share in world trade over the
recent years.However,India’s exports have been restrained because of various non-traiff
barriers(NTBs).In this context, the present paper try to analyze the India’s attitude towards
WTO,WTO and its impact on select sector Viz-Pharamaceutical sector agriculture sector and
service sectors in india.This paper also addresses the benefits and fear of WTO in india.