AN EXPLORATORY STUDY OF INDIAN FOREIGN TRADE

Indian economy and foreign trade are on a growth trajectory. Indian exports have come a long way in value terms from the time of gaining independence in 1947. The total value of India�s merchandise exports increased from US $ 1.3 billion in 1950-51 to US $ 63.8 billion in 2003-04 � a compound rate of 7.6 per cent. Trade growth has picked up post liberalization of 1991. The composition of trade is now dominated by manufactured goods and services. India services exports share in global exports is more than double of that of Indian manufacturing exports. East Asian countries, particularly China have become a major trading block. There is huge untapped potential for Indian foreign trade in years to come.India, Foreign Trade, Liberalization, Trade Composition, Trade Direction.