India and the Global Trade: Globalisation vs. Trend

Abstract

‘Global trade is integral to the process of globalization’, observed Max Roser et al. (2018). Arguably, through the first decade of globalization India’s imports recorded higher growth than exports. But the growth in exports is more than imports which indicates economic growth for the nation. If we talk about the foreign trade policy of India, it has been always based upon the trends of globalization and world economy. The long history of globalization serves as the foundation for the liberalized economic policy that the Indian government has adopted and put into effect. Globalization is widely regarded as the solution to the economic prosperity of economies worldwide. It is acknowledged that restrictive trade policies inhibit progress and that international trade is actually advantageous. This explains why many emerging economies have shifted to an outward-oriented policy after initially relying on an import substitution growth model. This research focuses on the trade side of globalization in this setting. The most important objective of this article is to examine the growth of foreign trade in India and to analyze the export and import share of major countries.