:Foreign trade of India

{{see also|Economic history of India|Indo-Roman trade relations}}

Even before independence, the Government of India maintained semi-autonomous diplomatic relations. It had colonies (such as the Aden Settlement), who sent and received full missions,[http://www.hcindia-au.org/india_australia.html High Commission of India in Australia: India Australia Relations] {{Webarchive|url=https://web.archive.org/web/20091013123624/http://hcindia-au.org/india_australia.html |date=13 October 2009 }}. Hcindia-au.org (20 April 2011). Retrieved 12 November 2011. and was a founding member of both the League of Nations[http://www.indiana.edu/~league/1thordinaryassemb.htm First Assembly, Geneva, 15 November – 18 December 1920] {{Webarchive|url=https://web.archive.org/web/20200113014630/http://www.indiana.edu/~league/1thordinaryassemb.htm |date=13 January 2020 }}. Indiana.edu (18 December 1920). Retrieved 12 November 2011. and the United Nations.[https://www.un.org/en/members/growth.shtml UN list of members by admission] {{webarchive |url=https://web.archive.org/web/20140712192515/http://www.un.org/en/members/growth.shtml |date=12 July 2014 }}. Un.org. Retrieved 12 November 2011. After India gained independence from the United Kingdom in 1947, it soon joined the Commonwealth of Nations and strongly supported independence movements in other colonies, like the Indonesian National Revolution.[http://old.thejakartapost.com/yesterdaydetail.asp?fileid=20080717.B08] {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}} The partition and various territorial disputes, particularly that over Kashmir, would strain its relations with Pakistan for years to come. During the Cold War, India adopted a foreign policy of non-alignment policy itself with any major power bloc. However, India developed close ties with the Soviet Union and received extensive military support from it.

The Periplus of the Erythraean Sea is a document written by an anonymous sailor from Alexandria around 100 CE, describing trade between countries, including India.

In 1498, Portuguese explorer Vasco da Gama landed in Calicut (modern day Kozhikode in Kerala), and was the first European to ever sail to India. The tremendous profit made during this trip made the Portuguese eager for more trade with India and attracted other European navigators and tradesmen.{{cite book |title=Traditional Exports of India: Performance and Prospects |last=John |first=K. C. |author2=Kevin, S |year=2004 |publisher=New Century Publications |location=Delhi |isbn=81-7708-062-8 |page=59 }}

Pedro Álvares Cabral left for India in 1501 and established Portuguese trading posts in Calicut and Cochin (modern day Kochi), returning to Portugal in 1501 with pepper, ginger, cinnamon, cardamom, nutmeg, mace, and cloves. The profits made from this trip were substantial.{{cite book |title=Traditional Exports of India: Performance and Prospects |last=John |first=K. C. |author2=Kevin, S |year=2004 |publisher=New Century Publications |location=Delhi |isbn=81-7708-062-8 |page=59 }}

{{main|Economic liberalisation in India}}

Prior to the 1991 economic liberalisation, India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.{{cite web |url=http://go.worldbank.org/RJEB2JGTC0 |title=International Economics & Trade - India: Foreign Trade Policy |work=worldbank.org |year=2011 |access-date=20 October 2011}} Reforms in India in the 1990s and 2000s aimed to increase international competitiveness in various sectors, including auto components, telecommunications, software, pharmaceuticals, biotechnology, research and development, and professional services. These reforms included reducing import tariffs, deregulating markets, and lowering taxes, which led to an increase in foreign investment and high economic growth. From 1992 to 2005, foreign investment increased by 316.9%, and India's GDP grew from $266 billion in 1991 to $2.3 trillion in 2018.Dutta, M. K. and Sarma, Gopal Kumar, Foreign Direct Investment in India Since 1991: Trends, Challenges and Prospects (1 January 2008).{{Cite news |last=Mudgill |first=Amit |title=Since 1991, Budget size grew 19 times, economy 9 times; your income 5 times |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/since-1991-budget-size-grew-19-times-economy-9-times-your-income-5-times/articleshow/62735382.cms?from=mdr#:~:text=At%20$2.3%20trillion,%20the%20Indian,per%20cent%20of%20the%20economy. |access-date=29 August 2020 |archive-date=17 January 2023 |archive-url=https://web.archive.org/web/20230117111217/https://economictimes.indiatimes.com/markets/stocks/news/since-1991-budget-size-grew-19-times-economy-9-times-your-income-5-times/articleshow/62735382.cms?from=mdr#:~:text=At%20$2.3%20trillion,%20the%20Indian,per%20cent%20of%20the%20economy. |url-status=live }}

{{See also|Business process outsourcing to India|Information technology in India|}}

As of 2023, India is the seventh largest exporter of commercial services in the world,{{Cite web |title=Service exports (BoP, current US$) {{!}} Data |url=https://data.worldbank.org/indicator/BX.GSR.NFSV.CD?most_recent_value_desc=true&year_high_desc=false |access-date=2023-03-17 |website=data.worldbank.org |archive-date=17 March 2023 |archive-url=https://web.archive.org/web/20230317140633/https://data.worldbank.org/indicator/BX.GSR.NFSV.CD?most_recent_value_desc=true&year_high_desc=false |url-status=live }} accounting for 4.6% of global trade in services. India's service exports grew by 27%.{{cite web |title=India's services exports rise record 27% in FY23, shows RBI data {{!}} IBEF |url=https://www.ibef.org/news/india-s-services-exports-rise-record-27-in-fy23-shows-rbi-data |website=India Brand Equity Foundation |access-date=6 October 2023 |language=en |archive-date=16 November 2023 |archive-url=https://web.archive.org/web/20231116152836/https://www.ibef.org/news/india-s-services-exports-rise-record-27-in-fy23-shows-rbi-data |url-status=live }} In September, India's prominent services industry experienced an acceleration in growth, buoyed by robust demand in the sector. A recent survey also indicated that businesses displayed the highest level of optimism in over nine years. According to S&P Global's India services purchasing managers' index, there was an increase to 61.0 last month from August's figure of 60.1. This surpassed projections in a Reuters poll, which had anticipated a slight dip to 59.5.{{cite news |last1=Chandak |first1=Anant |title=India's services sector grew at faster pace in Sept, optimism at 9-year high |url=https://www.msn.com/en-us/money/markets/indias-services-sector-grew-at-faster-pace-in-sept-optimism-at-9-year-high/ar-AA1hIJNF |access-date=6 October 2023 |work=www.msn.com |agency=Reuters |publisher=MSN |date=5 October 2023 |language=English |archive-date=31 March 2024 |archive-url=https://web.archive.org/web/20240331165453/https://www.msn.com/en-us/money/markets/indias-services-sector-grew-at-faster-pace-in-sept-optimism-at-9-year-high/ar-AA1hIJNF |url-status=live }}{{cite web |last1=Bhatia |first1=Ruchi |title=India Services Activity Gains on Solid Demand at Home and Abroad |url=https://www.bloomberg.com/news/articles/2023-10-05/india-services-activity-gains-on-solid-demand-at-home-and-abroad |website=Bloomberg.com |access-date=6 October 2023 |language=en |date=5 October 2023 |archive-date=1 January 2024 |archive-url=https://web.archive.org/web/20240101094513/https://www.bloomberg.com/news/articles/2023-10-05/india-services-activity-gains-on-solid-demand-at-home-and-abroad |url-status=live }}

The spectrum of India's services exports encompasses a diverse array of sectors, ranging from information technology (IT){{cite news |last1=Majumdar |first1=Romita |title=Economic Survey 2022: IT exports drive 18.4% growth in India’s services exports between April-Dec |url=https://economictimes.indiatimes.com/tech/technology/economic-survey-2022-it-exports-drive-18-4-growth-in-indias-services-exports-between-april-dec/articleshow/89244915.cms |access-date=6 October 2023 |work=The Economic Times |date=31 January 2022 |language=English |archive-date=16 November 2023 |archive-url=https://web.archive.org/web/20231116152835/https://economictimes.indiatimes.com/tech/technology/economic-survey-2022-it-exports-drive-18-4-growth-in-indias-services-exports-between-april-dec/articleshow/89244915.cms |url-status=live }} to the provision of medical services by professionals overseas. The RBI, while not providing monthly disaggregated data on services exports, periodically releases a classification of such exports as part of its quarterly balance of payment data. This classification encompasses transport, travel, construction, insurance and pensions, financial services,{{cite web |title=India: value of financial services export by type 2021 |url=https://www.statista.com/statistics/1380483/india-value-of-financial-services-export-by-type/#:~:text=Financial%20service%20exports%20from%20India%20amounted%20to%20over,dollars%2C%20a%20significant%20increase%20from%20the%20previous%20year. |website=Statista |language=en |access-date=6 October 2023 |archive-date=16 November 2023 |archive-url=https://web.archive.org/web/20231116152835/https://www.statista.com/statistics/1380483/india-value-of-financial-services-export-by-type/#:~:text=Financial%20service%20exports%20from%20India%20amounted%20to%20over,dollars%2C%20a%20significant%20increase%20from%20the%20previous%20year. |url-status=live }} telecommunications, computer and information services, as well as personal, cultural, recreational services, among other business services.

Within India's services export landscape, software exports retain a dominant position. However, noteworthy is the recent surge in "other business services" exports, which constituted 24 percent of the total services exports in the initial nine months (April–December) of FY23.{{cite news |last1=Mishra |first1=Asit Ranjan |title=India's services exports rise record 27% in FY23, shows RBI data |url=https://www.business-standard.com/india-news/india-s-services-exports-touch-record-322-billion-in-fy23-rbi-data-123050201151_1.html |access-date=6 October 2023 |publisher=Business Standard |date=2 May 2023 |archive-url=https://web.archive.org/web/20231006195453/https://www.business-standard.com/india-news/india-s-services-exports-touch-record-322-billion-in-fy23-rbi-data-123050201151_1.html |archive-date=6 October 2023 |location=Wayback Machine |language=English}} This marks a notable increase from the 19 percent reported in FY14. This category encompasses a range of services including legal services, accounting, auditing, book-keeping, tax consultancy services, management consulting, managerial and public relations services, as well as advertising, market research, and public opinion polling services.

{{main|List of exports of India}}

India exports approximately 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries.{{Cite book | url=https://books.google.com/books?id=MvudnXqAPWAC&q=india+export+190+countries&pg=PA358 |title = Macroeconomics and Elementary Statistics|isbn = 9788187140900}}

{{Excerpt|Pharmaceutical industry in India}}

{{Excerpt|Oil and gas industry in India|Foreign trade}}

{{Excerpt|Bharat Diamond Bourse|India's diamond industry}}

{{Excerpt|Automotive industry in India|Exports}}

Summary table of recent India foreign trade (in billion $):{{Cite web|title = India - Imports - Historical Data Graphs per Year|url = http://www.indexmundi.com/g/g.aspx?v=89&c=in&l=en|access-date = 27 December 2015|archive-date = 4 March 2016|archive-url = https://web.archive.org/web/20160304075352/http://www.indexmundi.com/g/g.aspx?v=89&c=in&l=en|url-status = live}}{{Cite web|title = The World Factbook|url = https://www.cia.gov/the-world-factbook/countries/india/|website = www.cia.gov|access-date = 27 December 2015|archive-date = 18 March 2021|archive-url = https://web.archive.org/web/20210318202107/https://www.cia.gov/the-world-factbook/countries/india|url-status = live}}{{Cite web|title = Export Import Data|url = http://www.eximatlasindia.com/|website = www.eximatlasindia.com|access-date = 24 March 2018|archive-date = 28 October 2017|archive-url = https://web.archive.org/web/20171028070839/http://www.eximatlasindia.com/|url-status = live}}

{{excerpt|List of largest trading partners of India}}

• Economy of India
• Foreign relations of India
• Remittances to India
• Business process outsourcing to India
• List of exports of India
• List of Indian states and union territories by exports
• List of largest trading partners of India
• Indian diaspora
• Indianisation
• Directorate General of Foreign Trade (DGFT)
• Merchandise Export from India Scheme
• Make in India
• India Inc.
• Medical tourism in India
• Electronics and semiconductor manufacturing industry in India

{{reflist|30em}}

• [http://dgft.gov.in/ Directorate General of Foreign Trade]
• [http://www.exportersindia.com/blog/6-major-problems-hindering-india-s-export-growth.htm Major Problems Hindering Indias Export Growth]
• [https://wits.worldbank.org/CountryProfile/en/Country/IND/Year/LTST/TradeFlow/EXPIMP/Partner/by-country India Exports and Imports]

{{Economy of India}}

{{Asia topic|prefix=Foreign trade of}}