Describe the changes that have taken place in India’s foreign trade after independence.

Solution

The changes that have taken place in India’s foreign trade are as described below:

(i) Volume of trade :The volume of trade has increased many times. In 1951 it was 1250 crore rupees. The industrial development has risen trade to 434444 crores in 2000-01.

(ii) Change in composition of exports : The export trade has undergone many changes. India used to export tea, jute, leather, iron ore, spices etc. The manufactured goods are now exported such as engineering goods, readymade garments, handicrafts etc.

(iii) Change in the composition of imports : The ratio of food grains, cotton, jute reduced in import trade but raw petroleum, fertilizers, steel, industrial raw material, machinery, chemicals are mainly imported.

Some More Questions From International Trade Chapter

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International Trade

Describe the changes that have taken place in India’s foreign trade after independence.

Some More Questions From International Trade Chapter

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