At the time of independence, India’s economic condition was not satisfactorily strong. India had no agriculture or industry at developed stage and had to rely upon imports from the world. But economic planning gave a good direction to Indian economy.
At the time of 1950- 51, India’s foreign trade amounted only about 1200 crore rupee with comprising 1.78% of total foreign trade in the world but at the end of 1997- 98, India’s foreign trade amounted to total 284277 crore rupee, however comprising only 0.6% of the World Trade.
The Size of foreign trade of India and Value of it have increased during the period after Independence but its share in world trade has constantly decreased.
India’s pattern of International trade has been constantly changing towards progressive indications. At the independence, India imported food grain, now it exports it. India had trade relation with developed countries but now our trade relations have developed with many other countries on regional especially based on regional basis.