An Emperical Study on India’s Foreign Trade and Policy | Original Article

ABSTRACT:

India's nominal gross domestic product (GDP) at current prices is estimated at Rs. 232.2 trillion (US 3.1 trillion) in 2021-22. India's trade and external sector had a significant impact on the GDP growth and expansion in per capita income. India's overall exports (Merchandise and Services combined) in April-March 2021-22 are estimated to be US 669.7 billion, witnessing a growth of 34.5 over the same period last year and an increase of 27.2 over April to March 2019-20. India has been able to beat the overall export target of US 650 billion despite the global economic slowdown caused by the Covid-19 pandemic and the recent geopolitical developments in Europe. As the pandemic receded, India witnessed a revival in domestic demand resulting in strong import growth. During the year 2021-22, India's overall imports (Merchandise and Services combined) are estimated to be US 756.7 billion, growing 47.8 over the same period last year and 25.5 over the year 2019-20, crossing the prepandemic level. China, UAE, and the USA were the largest import sources for India.