Explain the changing patterns of the composition of India's import.
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Solution and Explanation
Earlier Focus on Food Grains: In the initial decades after independence, India imported large quantities of food grains to meet domestic shortages.
Increase in Petroleum Products: With industrialisation and growing transportation needs, the import of crude oil and petroleum products has increased significantly.
Capital Goods and Machinery: As manufacturing expanded, imports of heavy machinery, tools, and capital goods increased.
Electronics and Technology: In recent years, India imports a large volume of electronic goods, including mobile phones, semiconductors, and computers.
Precious Metals: Gold and silver imports have grown due to cultural demand and investment preferences. These shifts reflect the transformation of India’s economy from an agrarian base to an industrial and service-oriented structure.
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The act of opening up economies for trading is known as free trade or trade liberalisation. This is done by bringing down trade barriers like tariffs. Trade liberalisation allows goods and services from everywhere to compete with domestic products and services.
Globalisation along with free trade can adversely affect the economies of developing countries by not giving equal playing field by imposing conditions which are unfavourable. With the development of transport and communication systems, goods and services can travel faster and farther than ever before. But free trade should not only let rich countries enter the markets, but allow the developed countries to keep their own markets protected from foreign products.
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