Foreign Trade of India: An Overview
Foreign trade plays a crucial role in the economic growth and development of a country. India, being a large and diverse country, has a significant role to play in global trade. In this article, we will provide an overview of foreign trade in India, covering the following topics:
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Introduction to Foreign Trade in India
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Foreign trade, also known as international trade, involves the exchange of goods and services between countries. India has been an active participant in foreign trade for several centuries, dating back to the ancient Silk Route. In recent years, foreign trade has become an essential part of India's economic growth and development.
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History of Foreign Trade in India
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India's foreign trade history can be traced back to ancient times when it was a hub for trade between Asia and Europe. During the colonial period, India's trade was largely controlled by the British East India Company, which monopolized India's exports and imports. After gaining independence in 1947, India adopted a policy of import substitution, which aimed to promote domestic industries and reduce dependence on foreign goods. However, in the 1990s, India adopted a more liberal approach to foreign trade and opened up its economy to the world.
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