Foreign trade of India since independence?

Answer 1

HistoryMain articles: Economic history of India and Timeline of the economy of India

India's economic history can be broadly divided into three eras, beginning with the pre-colonial period lasting up to the 17th century. The advent of British colonisation started the colonial period in the 17th century, which ended with independence in 1947. The third period stretches from independence in 1947 until now.

[edit] Pre-colonialThe citizens of the Indus Valley civilization (based around the river Indus in modern day Pakistan and Northern and Western India), a permanent and predominantly urban settlement that flourished between 2800 BC and 1800 BC, practised agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. Evidence of well planned streets, a drainage system and water supply reveals their knowledge of urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal government.[8]Silver coin minted during the reign of the Gupta king Kumara Gupta I (AD 414-55)

The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided in villages,[9] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation. This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as textiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at harvest time for their services.[10]

Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping economic activities.[11] The Caste System functioned much like medieval European guilds, ensuring the division of labour, providing for the training of apprentices and, in some