India's foreign trade | Direction and composition of India's foreign trade in hindi |Indian economy|

Composition and Direction of India's foreign trade in hindi
TRADE
Trade involves the transfer of goods or services from one person or entity to another through the medium of money
FOREIGN TRADE
-Foreign trade is exchange of goods, and services across international borders or territories, which involves the activities of the government and individuals. Exchange involve export and import of goods
-In most countries, it represents a significant share of gross domestic product (GDP). Foreign trade accounted for 48.8% of India's GDP in 2017. At the level of Central Government it is administered by the Ministry of Commerce and Industry.
- If exports are more than imports, it is called trade surplus and if imports are more, it is called trade deficit. India almost every year since Independence had a trade deficit.
Exports are foreign exchange earners. They stabilise and strengthen the exchange rate, if they grow. They may be necessary for some imports for example, jems and jewellery industry imports stones and carves them into jewelry in India. Experts make the domestic economy efficient as international market requires high quality low price goods and services.
-Imports are important for exports, domestic capital formation and consumption. They make domestic producers competitive.
Direction of foreign trade means those countries with which India has trade ties.
Direction of Indian foreign trade has undergone a considerable change after independence:
1. before independence india’s foreign trade is only restricted to U.K U.S.A and common wealth countries
2. After independence, india expend its scope of foreign trade with
-Organisation of Petroleum Exporting Countries (OPEC):OPEC includes countries Kuwait, Iran, Saudi Arabia, United Arab Emirates (UAE) and Indonesia.
-Organisation of Economic Co-operation and Development Countries:In this organisation developed countries of the West and Japan are included.
-Developing Countries:Asian countries excluding Japan and part of africa
-Eastern Europe:Countries of East Europe like erstwhile USSR, Poland, Romania, Bulgaria,
3. According to the data of the commerce ministry, in 2018-19, the bilateral trade between the US and India stood at USD 87.95 billion. During the period, India's two-way commerce with China aggregated at USD 87.07 billion.
4. india’s export share to U.S.A is 16.94% ,UAE is 9.20%, china is 5.47%.
5. india’s import share to china 14.37%, USA 7.57%, UAE 6.39%.
6. the bilateral trade between the US and India, INDIA get more benefit then USA
7. the bilateral trade between the china and India, china get more benefit then USA
song(credit): / bakchodsangeetkaar

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