For Decades After Independence in 1947

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  For decades after independence in 1947, India embarked on a program of autarky (national economic self-sufficiency) wic included import substitution  policies! y 1991, owe#er, a sluggis economy combined wit te forces of globali$ation led to a more open Indian economy! %ere was simultaneously a gradual rise in e&ports, imports, foreign direct investment (F'I), and o#erall economic growt! In te 199s, e&ports of goods and ser#ices rose from !* percent to +!* percent of total output! y te end of te decade, owe#er, growt in e&ports began to le#el off due to reduced international demand, especially wit Indias main economic partners, te nited .tates and te /uropean nion (/)! Indian e&ports were furter it by serious competition from east 0sian countries, wic ad recently e&perienced depreciated domestic currencies, wic led to a decline in global prices for teir manufactured goods! 0s a result, e&ports of Indian te&tiles, cemicals, macinery, electronic goods, and automoti#e parts all began to decline! 0s compared to a couple of decades earlier, owe#er, te si$e of Indias foreign trade as noticeably e&panded, bot in absolute terms and relati#e to te countrys '2! /&ports a#e again picked up since 1999, wen tey sowed a 13 percent growt! Imports a#e also ballooned, sowing an a#erage of * percent growt per year during 199*-*! %otal e&ports in *1 are e&pected to be near .4 billion and total imports at .51  billion! 2etroleum constitutes te largest import item at more tan . billion and accounts for 14 percent of total imports in 1999! 2etroleum imports may be as ig as .17 billion in *1! ems and 6ewelry constitute te single largest e&port item, accounting for 1 percent of e&ports and earning about .4!5 billion in 1999! %e top 3 e&port destinations of Indian goods were te nited .tates, ritain, and ermany, wic togeter Trade (expressed in billions of US$): India Exports Imports 1975 4!355 !3+1 19+ +!5+ 14!+4 19+5 9!14 15!9*+ 199 17!975 *3!4* 1995 3!74 34!5** 199+ 3*!++1 4*!*1 SOURE: International onetary Fund!  International Financial Statistics Yearbook 1999. constituted one-tird of total Indian e&ports in 1999! In turn, te top 3 import sources were te nited .tates, ritain, and elgium, togeter constituting *1 percent of total imported items! In *1, F'I in India was e&pected to near .4 billion! %o furter seek buyers for Indian products, Indian companies a#e also ma6or plans for in#esting abroad! .e#eral Indian information tecnology companies, for e&ample, a#e plans to outsource some of teir production to 8ina, were labor is as muc as * percent ceaper! Furtermore,  Indias largest car manufacturer, aindra and aindra, may soon be entering te /uropean market #ia te production of tractors in te 8$ec epublic! :ne Indian in#estment tat is already operating abroad is a .1+ million fertili$er plant in te 2ersian ulf nation of 'ubai!
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