Trade liberalisation in India has consisted of tariff reductions, elimination of quotas, and also economic reforms. In India, trade
reforms followed macroeconomic reforms. Stiglitz has referred to India as a successful case of globalisation. The average rate
of growth in the twelve-year period since India initiated the process of economic reforms has been around 6% p.a. Part of
this growth can be attributed to the substantial change in the composition of the Indian economy since the Uruguay Round;
from import substitution to outward orientation. The Round resulted in trade gains as well as some poverty alleviation
for India.