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Indian foreign trade?

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. Foreign trade accounted for 48.8% of India's GDP in 2015

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Indian foreign trade?

Indian Foreign Trade

India's foreign trade plays a crucial role in the country's economy, contributing significantly to its GDP. It involves both imports and exports of goods and services with other countries.

Key Components of Indian Foreign Trade

Exports: India exports a variety of goods and services such as textiles, pharmaceuticals, engineering goods, IT services, and agricultural products. These exports help in earning foreign exchange for the country.
Imports: India imports products like crude oil, machinery, electronics, and precious metals to meet domestic demand. Imports also help in acquiring resources that may not be available domestically.

Major Trading Partners

USA: The United States is one of India's largest trading partners, with significant bilateral trade in sectors like IT services, pharmaceuticals, and agriculture.
China: China is another important trading partner for India, with trade in electronics, machinery, and chemicals.
UAE: The United Arab Emirates is a crucial partner for India, particularly in the oil and gas sector.

Trade Agreements

Free Trade Agreements (FTAs): India has FTAs with countries like Japan, South Korea, and ASEAN nations to boost trade and economic cooperation.
Customs Union: India is part of customs unions like SAARC and BIMSTEC, promoting trade among member countries.

In conclusion, Indian foreign trade is essential for the country's economic growth and development. By engaging in trade with various countries and forming strategic partnerships, India can enhance its global presence and contribute to the overall prosperity of its economy.

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