Indian Trade with the World
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Following the liberalization policy of 1991, Indian trade and economy have registered a stupendous growth rate. Deviating from its autarky style of working, the liberalization policies opened up the gates for FDI and free trade. Indian trade with the world increased and exports helped the country get more foreign exchange.
However, there still are a few anti-export measures in play in the Indian economy, which are being addressed by the Dr. Manmohan Singh led administration. Tariffs have been decreased, quantitative restrictions on imports have been eliminated and export promotion measures are being planned out.[br]
India Trade with the US
With seven years of implementation of the liberalization policies, trade with USA had grown over 100 times. In four years (2000-2004), trade volume rose by 387%. The major exported commodities to USA are:
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Cut and polished diamonds and jewelry. This section accounts for almost 29% of the total trade volume.
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Textiles (25%)
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Engineering goods and machinery including electrical machinery (3.24%)
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Organic chemicals (3.46%)
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Vehicles and parts (3.24%)
US exports to India:
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Engineering goods and machinery including electrical machinery (30.20%)
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Precious stones and metals (9.25%)
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Organic chemicals (7%)
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Optical and medical instruments (7%)
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Aircraft, aviation machinery and parts (10.4%)
India Trade with UAE
Dubai is an important trade partner of India. Being a significant oil supplier for the entire world, Dubai has been in a long trading relationship with India. With liberalization, Indian trade with Dubai has grown beyond oil imports. India’s Associated Chambers of Commerce and Industry (Assocham) forecasts that India-UAE trade will exceed $25 billion in 2010. This excludes oil trade. The major products exported from India to Dubai are:[br]
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Machinery, audio equipment, TVs and videos
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Textiles and textile articles
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Vehicles
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Aircraft
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Vessels
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Base metals and articles of base metal
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Imports from Dubai to India:
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Precious & semi-precious stones and precious metals
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Steel
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Aluminum and articles
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India tops the list of importers as well as exporters for Dubai with a share of 13.14% and 45.7% respectively.
Other trading partners of India include China, Iran, Singapore and Saudi Arabia.
