Discuss the main features of India’s foreign trade.

India's foreign trade exhibits several key features:

1. Diversity of Goods and Services:

   • India engages in the export and import of a wide range of goods and services, including textiles, pharmaceuticals, information technology services, engineering goods, and agricultural products.

2. Trade Balance:

   • India has historically experienced a trade deficit, where the value of imports exceeds that of exports. The deficit is influenced by factors such as oil imports, gold imports, and machinery purchases.

3. Bilateral and Multilateral Trade Agreements:

   • India actively participates in bilateral and multilateral trade agreements to strengthen economic ties with other nations. The country is a member of the World Trade Organization (WTO) and has signed various free trade agreements to boost international trade.

4. Emergence of Service Sector:

   • The service sector, particularly information technology (IT), software services, and business process outsourcing (BPO), plays a significant role in India's foreign trade. It has become a major contributor to export earnings.

5. Trade Partners:

   • India's major trading partners include the United States, China, European Union countries, and Gulf nations. The country has diversified its trade relations to reduce dependency on specific markets.

6. Export Promotion Initiatives:

   • The Indian government has implemented various export promotion initiatives to boost the competitiveness of Indian goods and services in the global market, including incentives, subsidies, and export finance schemes.

7. Regulatory Framework:

   • India has a regulatory framework governed by the Directorate General of Foreign Trade (DGFT), which formulates and implements foreign trade policies. The policies aim to facilitate trade, promote exports, and regulate imports.

8. Focus on 'Make in India':

   • The 'Make in India' initiative seeks to encourage domestic manufacturing, increase exports, and reduce dependency on imports. It aims to position India as a global manufacturing hub.

India's foreign trade is dynamic, influenced by global economic trends, geopolitical factors, and domestic policies. The government continues to implement measures to enhance the competitiveness of Indian products, foster innovation, and navigate the evolving landscape of international trade.