Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around $200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians. India's exports were stagnant for the first 15 years after independence, due to general neglect of trade policy by the government of that period. Imports in the same period, due to industrialisation being nascent, consisted predominantly of machinery, raw materials and consumer goods.
Since liberalisation, the value of India's international trade has increased sharply, with the contribution of total trade in goods and services to the GDP rising from 16% in 1990–91 to 47% in 2008–10. India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade worldwide. India's major trading partners are the European Union, China, the United States of America and the United Arab Emirates. In 2006–07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver.
Source : India Foreign Trade Analysis, 2014
Development of travel industry leads to benefites in different sectors. For exapmle, huge number of travalers usually increase in demand of souvenirs . It also can be rise in sales in real estates. It dependes positively on economy. On the other hand, if residents of some country spend a lot for tourism it denotes contry's wealth.
The bilateral relationship between the Republic of India and the Republic of South Africa have grown strong since the end of apartheid in South Africa in 1994. Both countries have since developed close strategic, cultural and economic ties. The below visualization shows the top 10 export and import of trade relation between India and South Africa.
The signing of 'Declaration on the India - Russia strategic partnership' was held on October 2000, during the visit of Russian President H.E. Mr. Vladimir Putin to India. Relations with Russia are a key pillar of India's foreign policy, and Russia has been a longstanding time tested partner of India. The below shows the top products exports from India to Russia and imports from Russia to India.
Concentration Index of Exports estimates to what extent a country relies on a certain group of commodities. Countries, which are over depending on the export of the definite commodity group as a primary source of the foreign income, are vulnerable to changes in global demand because export earning depends on foreign currencies. Countries that are resource-rich are less diversified. These countries did not try to create a greater variety of exported product, and for now, they are dependent on a small number of resources they specified. Last year Iraq took first place in Export Concentration Index rating, 97% of Iraq's export is Mineral...