Need for foreign trade is increasing day by day. Elucidate.
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Need for foreign trade is increasing day by day. Elucidate.
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Answer:
Foreign trade plays a vital part in the economy of each country. Foreign trade helps a country to utilize its natural resources and to export its surplus production, it contributes hugely to the GDP of a country. We are going to discuss the importance of foreign trade in India and all of its aspect.
Answer:
Foreign trade in India includes all imports and exports to and from India. At the level of Central Government it is administered by the Ministry of Commerce and Industry.[1] Foreign trade accounted for 48.8% of India's GDP in 2018.[2]
History Edit
See also: Indo-Roman trade relations
Even before independence, the Government of India maintained semi-autonomous diplomatic relations. It had colonies (such as the Aden Settlement), who sent and received full missions,[3] and was a founder member of both the League of Nations[4] and the United Nations.[5] After India gained independence from the United Kingdom in 1947, it soon joined the Commonwealth of Nations and strongly supported independence movements in other colonies, like the Indonesian National Revolution.[6] The partition and various territorial disputes, particularly that over Kashmir, would strain its relations with Pakistan for years to come. During the Cold War, India adopted a foreign policy of non-alignment policy itself with any major power bloc. However, India developed close ties with the Soviet Union and received extensive military support from it.