. Write a notes on foreign trade in India
Answers
Answer:
International Trade of India
Business with foreign nations is not a new phenomenon in India. India is used to trade with foreign nations even in BC.
The Periplus of the Erythraean Sea is a document (written by an anonymous sailor from Alexandria about AD 100) describing trade between countries, including India.
Since 1498, Europeans did trade with the rulers of India using the sea route. The main export items then were spices like pepper, ginger, cinnamon, cardamom, nutmeg, mace, and cloves.
From 1947-1991, the Indian economy remained largely as a closed economy. High taxes were levied on import of items. Foreign investments like FDI were restricted.
However, after the liberalisation in 1991, foreign trade improved significantly.
Explanation: