India’s Trade Balance Deficit: A Study with Reference to India’s Top Foreign Trade Business Partners
Abstract
India is the one of largest economy in the world based on nominal GDP estimates. Foreign trade in India is not new and it can date back to as old as 4th century BCE in western Tamil Nadu. Foreign trade not only brings foreign reserves in India, but it also has many benefits like optimal use of natural resources, access to diverse goods and services, market expansion and economic growth, cultural exchange and social development, poverty reduction, tourism promotion, etc. However, there has been a significant negative balance of payments in recent years. A country is said to have a negative balance of payments if its imports exceed its exports. There are many reasons for this issue, apart from more imports and less exports, reasons such as shortage of exportable products, lack of competitive strength, inadequate institutional arrangements, domestic inflation, recessionary tendencies in global market, etc. are few reasons to count. India does foreign trade with many countries, but this paper has covered the top trade partners of India with whom India does majority of its business. Our country is facing such issues since many years, the present paper has made an earnest attempt to study the trade balance deficit reason over a period of last ten years while studying the trade business with top trade partners. This paper can give readers an overview on how import and export manipulate economic conditions in India and why it is important for its citizens.
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