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Foreign Trade - India |
| In the early period of trade, India used to export the surplus of various products such as, Muslin of Dacca, Calicos of Bengal, Shawls of Kashmir, silk, other textiles, Steel and Iron works, handicrafts and agricultural products. During the British rule, though there was growth of infrastructure, the foreign trade was restricted between India and Britain. The focus was on exploitation of raw materials from India for the manufacturing industry of Britain. The policy on foreign trade was quite repressive in relation to India’s trade with the rest of the world. The British formulated the foreign trade policy with a focus on their own interest and thus India could not benefit itself from the growth of industrialization, and new economic policies followed by other nations. The Indian economy was left totally impoverished by the British. At the time of independence, India inherited many structural economic problems which were worsened due to the partition. Even after independence, India suffered from structural deficiencies and economic stagnation for a long time. The Five Year Plans while concentrating on the development of infrastructure increased internal trade, import and export and thus given a boost to the Indian economy. The economic liberalization and reforms, the export import policies and the foreign trade policies have augmented the trend and prospects of foreign trade in India. The Foreign Trade (Development and Regulation) Act, 1992 has provided for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for other connected or Incidental matters. Besides, this Act, there are other enactments such as Export (Quality Control & Inspection) Act, Export (Quality Control & Inspection) Act, Indian Coffee Act, Tea Act, Coir Industry Act, Dangerous Drugs Act. Customs Act, etc. to ensure that only Quality products are exported.
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