India’s trade has generally grown at a faster rate compared to the growth of GDP over the past two decades. With the liberalization since 1991 in particular, the importance of international trade in India’s economy has grown considerably. As a result, the ratio of international trade to GDP has gone up from 14 per cent in 1980 to nearly 20 per cent towards the end of the decade of 1990s. Given the trends of globalization and liberalization, the openness of Indian economy is expected to grow further in the coming decades. The exact magnitude of India’s trade in 2020 and its proportion to India’s national income would be determined by a variety of factors. Many of these factors are in the nature of external shocks and are beyond the control of national policy making.