Evaluation of India's economic Policy in the context of certain specific foci is a populat pursuit of econimists. Through a sub-systemic analaysis, some identifiable significant areas of the broader economic policies can be highlighted. It is in this vein that the present study focuses on the important economic policies such as import-export policies, import-export pass book system, MODVAT, fiscal and monetary policies, blanket exchange permit scheme and industrial licence policies. These policy measures have been juxtaposed with the strategies for improving the balance of payments in India. More specifically, the trends, causes and adjustment mechanisms of balances of payments policy followed in India since the beginning of the Third Plan have been examined in depth.
The study is bound to interest the students of economics, commerce and management and all those policy practitioners who have been interested in critical issues of international trade with reference to balance of payments in the wider context of India's Economic Policy.