India's Foreign Trade Overview

The breakup of the Soviet Union, the impact of the First and Second World War, and the establishment of international institutions like IBRD (World Bank), IMF, and WTO have influenced changes in India's foreign trade over time.

Before independence, India was an agricultural economy specializing in the production of agricultural crops at low cost. The trade industry was governed and managed by the trade practices of the British Empire, with policies aimed at captivating British manufactures and projecting India as a cheap source of raw materials.

India's foreign trade with the rest of the world has shown changes from time to time with respect to value, volume, composition, and direction, influenced by various historical events and the establishment of international institutions.

<p>Indian foreign trade can be divided into two parts for discussion: India's Foreign Trade before Independence and Recent trends in India's foreign trade.</p> Signup and view all the answers

<p>International institutions like IBRD (World Bank), IMF, and WTO have influenced India's foreign trade through their policies for the promotion of optimum utilization of world's resources.</p> Signup and view all the answers

<p>INCO terms = International commercial terms for the delivery of goods World Bank = International institution for financial and technical assistance to developing countries IMF = International organization for monetary cooperation and exchange rate stability Agricultural economy = Economy specialized in the production of agricultural crops at low cost</p> Signup and view all the answers

<p>First and Second World War = Setback received due to war affecting India's foreign trade IBRD (World Bank) = Influence through policies for promotion of optimum utilization of world's resources WTO = Influence through policies for world trade regulation British Empire = Governed and managed India's foreign trade industry before independence</p> Signup and view all the answers

<p>Export planning = Process of preparing for exports Foreign trade policy = Regulations and guidelines for India's foreign trade Recent trends in India's foreign trade = Changes in value, volume, composition, and direction of India's foreign trade Export Marketing = Activities related to promoting and selling exports</p> Signup and view all the answers

<p>Soviet Union breakup = Division into a number of small countries after breakup India's Foreign Trade before Independence = Governing and management by British Empire's trade practices International institutions like IBRD (World Bank), IMF, WTO etc. = Influence on changes in India's foreign trade Client-side scripting for web applications = Primary usage of JavaScript programming language</p> Signup and view all the answers

<p>Value, volume, composition, and direction = Aspects showing changes in India's foreign trade over time Optimum utilization of world's resources = Focus of International institutions like IBRD (World Bank) on world's resources Agricultural crops at low cost = Specialization of India as an agricultural economy before independence Delivery of goods = Primary focus of INCO terms in international commercial transactions</p> Signup and view all the answers