Direction and Compostion of India's Foreign Trade

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The Pattern of Import:
The main feature of India’s import pattern was as follows: (1) Rapid growth of import of capital goods, technical know-how, raw materials to meet the requirement of industrialisation. (2) Growing import of petroleum products for meeting industrial and consumption requirement. (3) Growing imports of raw materials on the basis of liberalization of import for export promotion. (4) Decline in imports of food grains and consumer goods due to adoption of HYV technology in Indian agriculture and growth of consumer durables producing industrial units in the country. Pattern of Export:

The pattern of export has also changed significantly over the years. India has diversified itself from traditional to non-traditional terns of export the main feature of export during the period are as follows: (1) Growth of both traditional and non-traditional items of export. (2) Large expansion of engineering goods particularly to the middle-east, which have imported infrastructural projects like road, railways, telecommunication and etc. and turn-key projects like complete industries, (3) The price of export items has increased due to increased demand for both traditional and non-traditional exportable items. (4) 'While some commodities have good export potential (handicrafts, engineering product, readymade) other items (sugar, jute, iron and steel) fluctuated considerably. Direction of India's Foreign Trade:

The main Ganges in the direction of India's foreign trade can be mentioned as follows: (1) New Trading Partners:
Prior to independence, India's foreign trade was concentrated around U.K. while after independence it has opened id expanded trade channels throughout the length id the breadth of the country. India has also versified its export, with specialization in certain good and securing new market for her products. (2) Larger Sources of Import:

The import of India's industrial products could not be met by U.K or U.S.A. alone. Hence it has to import...
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