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ZENITH International Journal of Business Economics & Management Research
Year : 2014, Volume : 4, Issue : 10
First page : ( 46) Last page : ( 58)
Online ISSN : 2249-8826.

Direction and composition of India's foreign trade

Prof. Jadhav Babasaheb R*, Ms. Satpute Anita S**

*Assistant Professor, MAEERS, Mit College Of Engineering, Centre For Management Studies And Research, Kothrud, Pune, Maharashtra

**M.A. English, External Student and Research Scholar, Savitribai Phule Pune University, Pune, Maharashtra

Online published on 9 October, 2014.

Abstract

The present research paper is an attempt to evaluate India's direction and composition of foreign trade in the last ten years. Foreign trade plays crucial role in every nation's economic growth. India accepted globalization in the year 1991, since then India's foreign trade has undergone substantial changes. India's major exports include manufacturing and engineering goods. This research paper provides the information of India's foreign trade from 2003–04 to 2012–13. There has been a gradual increase in India's export and imports and also there is a rise in trade deficit. India has good trading relations with all the major countries in the world. More than 50% of India's total export is with Asia and ASEAN region and about 60% of India's total imports are with the same countries. As far as India's composition of foreign trade is concerned it also has undergone major changes after independence. India's economy in its earlier phase was agricultural economy. India's major requirement use to be food grains and other goods in import with rapid industrialization, the composition of India's imports goods changed and we needed chemicals, fertilizers and machinery which were required to meet the developmental needs of our country. In the composition of export; we use to sell agricultural products like tea, spices and other raw materials. However with the industrialization of the economy, compositions of export have undergone changes. India now exports items such as machinery, chemicals and marine products. Thus, we can say that India now export the same items which we once use to import. This is a good sign for one of the fastest growing economies in the world. So in the present research study attempt has been made to throw light upon India's direction and composition of foreign trade especially after 2000.

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Keywords

Foreign trade, Growth rate, Exports, Imports, Composition of foreign trade, Direction of foreign trade.

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