Term Paper: India

Pages: 5 (1472 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

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[. . .] These nations include; America, the UK, and China. (India) According to the world factbook America is India's chief trading partner with 22% of all Indian exports being sent to America. The UK and UAE are both at 4% while China, Hong Kong and Germany hover around 4.5%.(India) The country's import partners include; Singapore, China, Belgium, the United States, and the United Kingdom. (India) The Economic Probe report explains that exports from April of 2003 to December of 2003 were estimated at 42.5 billion. This was a 13.3% growth rate over the previous year. (Economic Probe)

India is an important part of the World Trade Organization (WTO). There are several policies that govern trade in India. I will attempt to provide a brief overiew of these EXIM Policies. The current Exim Polocies cover everything from Service Exports to export clusters. According to Highlights of EXIM Policy 2002-2007, Service Exports are duty free if they have a minimum exchange earning of 10 Lakhs. (Highlights of EXIM Policy 2002-2007) There are also special previsions for hardware and software which allow India to benefit from technology and create economic growth. The policies that govern trade in India also assert that,

Sales from Domestic Tariff Area (DTA) to SEZs to be treated as export. This would now entitle domestic suppliers to Drawback / DEPB benefits, CST exemption and Service Tax exemption. Agriculture/Horticulture processing SEZ units will now be allowed to provide inputs and equipments to contract farmers in DTA to promote production of goods as per the requirement of importing countries. This is expected to integrate the production and processing and help in promoting SEZs specialising in agro exports. Foreign bound passengers will now be allowed to take goods from SEZs to promote trade, tourism and exports." (Highlights of EXIM Policy 2002-2007)

Trade agreements and dominant industries, companies and the black market

Many of India's trade agreements are with the United States, the United Kingdom, China and Iran. India signed an agreement with China to setup another point of border trade in Changgu of Sikkim on the India side and Renqinggang of the Tibet Autonomous Region on the Chinese side. (Memorandum between the Government of the Republic of India...)This agreement ensured that these areas would contain a venue for a border trade market. This agreement was made in an effort to promote friendly relations between the two nations.(Memorandum between the Government of the Republic of India...) These agreements allow India to pursue economic growth in a range of different sectors.

Another trade agreement between India and Iran was made official in January of 2003. This agreement, called the New Delhi Declaration called upon the business communities of the two countries to harness each other's strength for mutual benefit and promote bilateral trade and investment. Energy sector has been identified as a strategic area of their future relationship in which the interests of India and Iran complement each other. The areas of cooperation include upstream and downstream activities in hydrocarbon sector and working upon secure modes of transport of energy." (Documents signed Between Islamic Republic Of Iran And India)

The major industries in India include; chemicals, textiles, cement, mining, petroleum, machinery, software and steel, transportation equipment, and food processing. (India) There are also major corporations that have offices and manufacturing plants in India. Many major companies in the computer industry outsource jobs to India. In doing this they are able to greatly reduce costs and provide jobs to millions of people.

As far as the black market is concerned the major fear is that terrorist groups will sell and trade deadly weapons. In country that is heavily populated this is a legitimate fear. The black market in India also consists of electronic and technological products that are available on the black market throughout the world.

Bibliography

Banknet India. http://www.banknetindia.com/banking/intrestrate2712.htm

Documents signed Between Islamic Republic Of Iran And India. 2003. http://www.meadev.nic.in/economy/ibta/agreements/indiran-25jan2003.htm

Economic Probe. 2004 January. http://www.indiainfoline.com/

Highlights of EXIM Policy 2002-2007. India Export Import Portal. http://exim.indiamart.com/indian-exim-policy/exim-policy-2003-highlights.html

India. 2003. CIA The World Factbook. http://www.cia.gov/cia/publications/factbook/geos/in.html

India Profile: Monetary system, currency and exchange rates. http://www.saarcnet.org/newsaarcnet/countryprofile/India/india3.htm

Indian Info. http://www.indiainfoline.com/econ/andb/nia/nia1.html

Memorandum between the Government of the Republic of India and the Government of the People's Republic of China on Expanding Border Trade.2003. http://www.meadev.nic.in/economy/ibta/agreements/mem-ind-chn-23june.htm

Universal Currency Converter. http://www.xe.com/ucc/convert.cgi [END OF PREVIEW]

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