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As result, India is a net exporter of petroleum products. The export of petroleum products increased from 38.94 Mt in 2008–09 to 56.76 Mt during 2020–21. [28] India has an 82.8% import dependence for crude oil and 45.3% for natural gas. [29]
To achieve this goal, the Indian government erected strict import restrictions and a complex system of tariffs that featured high rates which varied by industry. [34] One consequence of the Licence Raj was that it benefited large corporations at the expense of smaller businesses.
The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year. [6] India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the World Trade Organization.
The governments loosened restrictions on business creation and import controls while also promoting the growth of the automobile, digitalization, telecommunications and software industries. [ 14 ] [ page needed ] Reforms under lead to an increase in the average GDP growth rate from 2.9 percent in the 1970s to 5.6 per cent, although they failed ...
The Foreign Exchange Regulation Act (FERA) was legislation passed in India in 1973 [5] that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex) and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. [6]
The first category includes methods to directly import restrictions for protection of certain sectors of national industries: licensing and allocation of import quotas, antidumping and countervailing duties, import deposits, so-called voluntary export restraints, countervailing duties, the system of minimum import prices, etc.
India has historically and largely not supported sanctions imposed by individual countries. [ 1 ] [ 2 ] The Government of India has largely supported United Nations sanctions. [ 1 ] India has also been warned with sanctions, imposed with them, and has also imposed and threatened its own.
The 7th ASEAN-India Summit in Cha-am Hua Hin, Thailand on 24 October 2009 agreed to revise the bilateral trade target to US$70 billion to be achieved in the next two years, noting that the initial target of US$50 billion set in 2007 may soon be surpassed. ASEAN-India trade grew at over 22 percent annually during the 2005-2011 period.