Indian Export and Import

by Micky B. Professional Writter

Towards the end of 1980s the Indian economy was gripped with a severe shortage in foreign exchange reserves. The reserves of the country decreased and dwindled to such a low level that there was hardly enough to meet import bills for three days for the entire country. Indian export and import rules that laid tough restrictions on foreign trade resulted in the adverse balance of payments conditions. (Balance of Payment is the net of exports and imports of the country during a particular period of time.) Hence, to avert a major crisis that could have submerged the country in international debt, the government enacted financial policies of liberalization, privatization and globalization.

The main purpose of the these enactments, popularly known as LPG policies was to bring in more foreign investment, privatize non-performing government owned industries and to usher a culture of international trade which was absent until then. The opening up of the economy had favorable results as the government was able to bounce back on its foreign exchange reserve collections and hence make up for the loss incurred earlier. The country also became more efficient in rendering services as it had a vast pool of trained and educated young population that was well versed in English and other global languages. Soon Indian export and import volumes started topping the world charts and the country emerged as a winner of the foreign trade regime.

India is more focused on export services than manufacturing products. It has abundant supply of high quality manpower and intelligence which has great demand in Western, European and Middle-East countries. It is said that majority of the doctors in the United States are from India, who have migrated over there. Further, more than half of the construction and business deals of Middle-Eastern countries are said to be carried out by Indian brains. Although, the country did suffer a bit from what is known as the “brain-drain” the export of man power has made the country a noted global power in international circles.

On a larger scale, India exports computer software and information technology services than anything else. The IT boom and the rapid automation of all manual processes opened up million opportunities for Indian citizens who were able to mark their mark in the technical industry with their excellent workmanship. The country is counted as the hub of computer software services followed closely by other Asian countries like Korea, Japan and China.

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