Explain the progress made in international trade after Independence.
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Following points show the progress of India's foreign trade:
- Volume of foreign trade: India's foreign trade witnessed tremendous increase during the planning period.
- Composition of foreign trade: The following points bring about the changes in the composition of foreign trade:
- The share of agricultural sector has fallen.
- Share of conventional items of India's exports such as jute, tea, foodgrains and minerals has fallen.
- The percentage share of manufactured goods in the volume of trade increased due to the growth in the industrial sector.
- Direction of foreign trade: Presently, our major trading partners are UAE, China, Switzerland, Singapore, Australia, Iran, Hong Kong, Korea, Indonesia, UK, Japan and Belgium. This is in sharp contrast to the scenario at the time of Independence, when our international trade was confined largely to UK, USA and Commonwealth countries.
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