This paper studies the effects of firm size, import of raw materials, import of capital goods, in-house R&D investment, and competitiveness on exports of Indian private firm during 1975-1986. The paper finds that in-house R&D investment and import of capital goods had limited effects on exports. The firm size, import of raw materials, and competitiveness had significant positive effects on exports of Indian firms. Since liberalization policies positively affect these variables, the partial liberalization policies of 1980 had positive effects on exports. The total effect on the economy was, however, limited because of the limited scope of those liberalization policies.