Yojana Magazine: Issue February 2012
From time immemorial, societies have prospered through trade and exchange of goods between far-flung areas and even between continents. In the modern day globalized world, global trade and exchanges have become inevitable. Countries are earning prosperity for their citizens by maximizing export of their products and minimizing the intake, i.e. imports. But as an emerging economy of the world, Indian foreign trade scenario is not very encouraging. India still has a very low percentage contribution in world trade. The second fastest growing country in GDP terms ranks 20th in merchandise export and 13th in merchandise import with only 1.44 percent share in total world export while import stands at 2.12 percent.