Effects on Indian economy progress: Fluctuations in Indian foreign trade after independence (1947)
Dr. Mahaveer Malhotra
Foreign trade includes mainly the quantity of goods being exported and goods being imported by the home country. Both imports and exports of goods form an integral part of the overall economic activities in India. This can be derived from the fact that India increased its share of foreign trade in GDP from 14.6% in 1990-91 to 24.1% in 2003-04. Outside exchange has been considered as a motor of development and a poor nation can't manage the cost of the advantage of previous remote exchange. Foreign Trade is one of the noteworthy full-scale major variables of an economy. India till recently was overwhelmingly an essential merchandise trading and fundamentally a mechanical product bringing in nation. Modern industries were in active in India at the time of independence. In August 1907 the company Tata Iron and Steel (TISCO) was incorporated in India. Its first plant was built in Jamshedpur (Bihar). Some other industries had their modest starting point after Second World War were: sugar, cement, chemical, and paper. This present paper focuses on the Fluctuation in foreign trade of India after Independence and its effects on progression of Indian economy.