( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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INDIA’S FOREIGN TRADE IN TWENTY FIRST CENTURY

    1 Author(s):  DR. SAPNA JAIN

Vol -  8, Issue- 9 ,         Page(s) : 291 - 299  (2017 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Foreign trade plays a significant role in economic development of a nation. It is an engine of economic growth. A proper trade policy can contribute significantly in promoting industrialization, increasing output and thereby economic growth of the country. It also removes all the bottlenecks in the economy. Since independence, India adopted ‘inward looking’ strategy of industrialization but this system failed to produce rapid growth in the economy. Hence, to speed up the economic growth of the country outward oriented policy of foreign trade was emphasized and process of economic reforms was initiated in India in 1985-86, more effectively since 1991.

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