Over the last 60 years, India's foreign trade has undergone a complete change in terms of composition and direction. The exports cover a wide range of traditional and non-traditional items while imports consist mainly of capital goods, petroleum products, raw materials, and chemicals to meet the ever-increasing needs of a developing and diversifying economy. In recognition of the growing importance of the foreign trade in driving the economy, this book describes and examines changes in the pattern of India's foreign trade since Independence in 1947, with focus on post-1991 developments. The book addresses issues related to trade policy, export strategy, tariff policy, current account dynamics, exchange rate management, foreign exchange reserves, capital account liberalization, external debt and aid, foreign investments (both direct and portfolio), and the WTO.

Globalisation has changed the trade pattern globally. More globalised nations have benefited from trade liberalisation reducing inequality, unemployment and poverty but less globalised players have become marginalised in the world economy. This, is fact, has reduced incomes and enhanced poverty. This book makes a humble effort in analysing India's pattern of foreign trade in the World Trade Organisation regime. There is an exposition of India's trade during last fifteen years and side by side there has been a presentation of the functioning of the WTO in the developing nations context.

A unique examination of the development of the modern Indian economy over the past 150 years.