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Trade In India
Trade and commerce have been the backbone of the Indian economy right from ancient times. Textiles and spices were the first products to be exported by India. The Indian trade scenario evolved gradually after the countrys independence in 1947. From the 1950s to the late 1980s, the country followed socialist policies, resulting in protectionism and heavy regulations on foreign companies conducting trade with India.
Where Does India Stand Globally ? International Trade of Select Countries in 2010
Country Exports
(US$ bn.)
Imports
(US$ bn.)
GDP
(US$ bn.)
GDP Growth in % 6.1 10.5 5.5 4.9 4.6 9.2 7.5 8.5
Korea 197.6 175.5 China 274.6 251.4 Mexico 298.5 301.5 Russia 376.7 237.3 South Africa 67.9 70.2 Argentina 68.5 56.4 Brazil 201.9 181.6 India 225.6 357.7 Source: Economist Intelligence Unit
FII VS FDI
FII is Foreign Institutional Investment: It is investment made by foreign Mutual Funds in the Indian Market. FDI is Foreign Direct Investment: It is the investment made by Foreign Multinational companies in India
Some of the countries with which India has strong economic relations are
United States of America United Kingdom Japan China Germany Canada Switzerland Italy
The major export items from India to the United States include
Fish Seafood Precious stones Textile products Apparels Metals Machinery Organic Chemicals Iron and steel products
The major import items to India from the United States include
Medical and surgical equipments Computers and computer parts Gas turbines Telecom Electrical Machinery Plastic Cotton Wooden pulp
SAFTA requires the developing countries in South Asia (India, Pakistan and Sri Lanka) to bring their duties down to 20 percent in the first phase of the two year period ending in 2007 In the final five year phase ending 2012, the 20 percent duty will be reduced to zero in a series of annual cuts.
The least developed nations in South Asia (Nepal, Bhutan, Bangladesh and Maldives) have an additional three years to reduce tariffs to zero India and Pakistan ratified the treaty in 2009, whereas Afghanistan as the 8th memberstate of the SAARC ratified the SAFTA protocol on the 4th of May 2011
SAFTAs main provisions called for the gradual reduction of tariffs, customs duties, and other trade barriers between the seven members, with some tariffs being removed immediately and others over periods of several years
SAFTA ensured eventual duty-free access for a vast range of manufactured goods and commodities traded between the signatories