Y SHORT ANSWER TYPE QUESTIONS (Answer in About 20-1 What do you mean by the directions of foreign trade of India?(Pb. 2001, 02, 04, 05, 07, 08, 09, 0 (S,

Y SHORT ANSWER TYPE QUESTIONS (Answer in About 20-1 What do you mean b

1.	Y SHORT ANSWER TYPE QUESTIONS (Answer in About 20-1 What do you mean by the directions of foreign trade of India?(Pb. 2001, 02, 04, 05, 07, 08, 09, 0 (S,
Answer» <p>Direction of foreign trade means those countries with which India has trade ties.</p><p>Direction of Indian foreign trade has undergone a considerable change after independence.</p><p>(i) In 1947, U.K. was the main partner in foreign trade with India. India’s exports and imports were 34% and 30% respectively. After independence, India got new trade with USA, Germany, Japan, the OPEC and USSR. It helped India to diversify her industries.</p><p>(ii) India has diversified her exports to match its imports on the eve of independence; UK was the main country for exports. But now USA has become the biggest buyer of Indian goods. Along with UK and USA, Germany and Japan buy Indian goods. OPEC is also main buyers of Indian goods.</p><p>(iii) India has vast requirements of industrialisation. So it purchases from U.K., USA, and USSR and from many other countries.</p>