Foreign trade of India

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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

History[edit]

There are records throughout history of India's trade with foreign countries.

Around 100CE[edit]

The Periplus of the Erythraean Sea is a document written by an anonymous sailor from Alexandria about 100CE describing trade between countries, including India.

Around 1500[edit]

In 1498 Portuguese explorer Vasco da Gama landed in Calicut (modern day Kozhikode in Kerala as the first European to ever sail to India. The tremendous profit made during this trip made the Portuguese eager for more trade with India and attracted other European navigators and tradesmen.[1]

Pedro Álvares Cabral left for India in 1500 and established Portuguese trading posts at Calicut and Cochin (modern day Kochi), returning to Portugal in 1501 with pepper, ginger, cinnamon, cardamom, nutmeg, mace, and cloves. The profits made from this trip were huge.[2]

1991 economic reform[edit]

Prior to the 1991 economic liberalisation,India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.[3]

References[edit]

  1. ^ John, K. C.; Kevin, S (2004). Traditional Exports of India: Performance and Prospects. Delhi: New Century Publications. p. 59. ISBN 81-7708-062-8. 
  2. ^ John, K. C.; Kevin, S (2004). Traditional Exports of India: Performance and Prospects. Delhi: New Century Publications. p. 59. ISBN 81-7708-062-8. 
  3. ^ "International Economics & Trade - India: Foreign Trade Policy". worldbank.org. 2011. Retrieved 20 October 2011. 

External links[edit]