What are the main features of foreign trade in India?

What are the main feature of foreign trade?

(ii) Technical know-how can be imported. (iii) Surplus production can be exported. (iv) Machinery and raw materials can be imported as and when needed. (v) Food grains and necessary help can be imported during natural calamities like earthquake, & flood etc.

What was the most important characteristic of India’s foreign trade?

Q1) “The most important characteristics of India’s foreign trade through out the colonial period was the generation of a large export surplus. But this surplus. came at a huge cost to the country’s economy “ .

What are the features of foreign trade on the eve of Independence?

From the time of independence, India has been one of the important trading countries, exporting primary items like cotton, raw silk, sugar, wool, jute, indigo, etc. Moreover, it is an importer of finished consumer goods like woollen clothes, cotton, silk, and capital goods like light machinery manufactured in Britain.

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What is India’s foreign trade policy?

India’s Foreign Trade Policy aims to (1) increase the country’s share of global trade from the current 2.1 percent to 3.5 percent and (2) double its exports to $900 billion by 2020.

What is meant by international trade state any two features of India’s international trade?

International trade helps in exchange of surplus goods with those of deficit countries through foreign trade. Features of India’s International Trade: i International trade has helped India in increasing its productivity and improving quality of its products and then exporting the manufactured goods.

What was the condition of foreign trade in India on the eve of Independence?

The state of India’s foreign trade on the eve of independence was as follows: Net Exporter of Raw Material and Importer of Finished Goods. India became an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, jute, etc.

What is the condition of foreign trade under British rule?

During this period, Britain held the monopoly of over India’s imports and exports. Therefore, most of the foreign trade was restricted only to Britain and other was while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).

What are the features of foreign trade policy 2015 20?

FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services.

What are the main features of foreign trade of Bangladesh?

The striking features of Bangladesh’s exports are commodity and market concentration. To overcome the problem, there is no alternative but to diversify exports and improve quality. To improve the country’s overall trade balance, especially trade balance with India, some policy recommendations are offered in this paper.

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What are the salient features of the foreign trade Act 1992?

This act authorizes the government to formulate as well as announce the export and import policy and to also keep amending the same on a timely basis. The government has also been given a wide power to prohibit, restrict and regulate the exports and imports in general as well as specified cases of foreign trade.

What are the objectives and features of the India’s EXIM policy or foreign trade policy for the years 2015 20 explain?

1) Foreign trade matters should be taken away from the Ministry of Commerce and Industry and entrust it to MoF. There is no need for a separate Ministry of Export and Import. Importer-Exporter Code can be issued by any Department of Revenue.

Why is foreign trade important?

The main reasons which make foreign trade important for economy of a country or the significance of foreign trade are: It helps in expansion of business and in dissolving monopolistic entities, increasing competition. It also encourages product innovation and brings wider availability goods and services to choose from.

Why should India focus on foreign trade?

Focusing on the growth of India’s participation in international trade is reflective of the Atmanirbhar Bharat vision. Earning foreign exchange helps reduce the trade deficit and has a direct impact on the GDP. This has a positive impact the economic growth.