Discuss the major trends in India’s foreign trade. Also list the major products that India trades with other countries.

Solution

India’s accounts for a small share in world trade. Due to faster growth achieved at the external front, share of foreign trade in the country’s Gross Domestic Product (GDP) has considerably increased from 14.6% in 1990-91 to 24.1% in 2003-2004.

In absolute terms, both the exports and imports have witnessed phenomenal growth over the years. Exports have risen from Rs. 606 crores in 1950-51 to Rs. 293,367 crores in 2003-04 representing an increase of over 480 times within last five decades.

Imports have risen from Rs. 608 crores in 1950-51 to Rs. 3,59,108 crore in 2003-04, registering a grow in about 590 times during the last five decades.

Currently, India’s foreign trade accounts for about 20% of the country’s Gross Domestic product. India’s exports are textiles, garments, gems and jewellery products, chemicals and related products, and agricultural and allied products. India’s imports are crude oil and petroleum products, capital goods etc.

Some More Questions From International Business - I Chapter

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International Business - I

Discuss the major trends in India’s foreign trade. Also list the major products that India trades with other countries.

Some More Questions From International Business - I Chapter

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