write the characteristic of International Trade of India
Answers
1. More Share of GNP:
India's foreign trade has great significance for its GNP. In 1980-81, India's foreign trade constituted 12% of its G.N.P. In 2001-02 it increased to 23.4% of gross national product.
2. Less Percentage of World Trade:
India's share in world trade has been sliding down. In 1950-51, India's share in total import trade of the world was 1.8% and in total export trade was 2%. In 2001-02, it came down to 0.5% in import trade and to 0.2% in export trade.
3. Change in Composition of Exports:
After independence, there was change in the composition of India's export trade. Before, independence, India used to export agricultural products and raw materials. Now on export side, various types of finished products have been added to the number of export commodities.