Economic and Social Dimensions of Indian Trade Towards Transformation in the 21st Century

Abstract

India is one of the world's largest exporters of products and services. Given the outstanding contribution of services in India's foreign trade, this study examines the changing international trade pattern for India. It is a nation that is heavily dependent on imports and exports. This study examines the changing international trade pattern for India with the existence of certain global disruptions. The analysis highlights a growing trade surplus in services and an increasing trade deficit (i.e. imports higher than exports) in goods. India needs to have policies in place to emerge as a strong economy in this post-pandemic era. This chapter provides a set of examples based on the research findings. The research suggests that the growing economy and supportive government policies offer greater opportunities for the country in the longer period if urgent policy initiatives and support are extended to existing and potential manufacturing and services sectors. It ultimately seeks to highlight key opportunities, challenges and suggestions to protect and promote India's international trade.

Citation

Joshi, V.D., Baral, S.K. and Pitke, M.M. (2024), "Economic and Social Dimensions of Indian Trade Towards Transformation in the 21st Century", Goel, R., Singh, T., Rahman, M.M., Islam, Q.T. and Baral, S.K. (Ed.) Creating Pathways for Prosperity (Emerald Studies in Sustainable Approaches to Poverty Alleviation), Emerald Publishing Limited, Leeds, pp. 117-134. https://doi.org/10.1108/978-1-83549-121-820241009