India and international trade
Since 1991, when India reduced barriers to trade, international trade has become increasingly important to India’s economy as foreign business has increased.
India is a member of the World Trade Organisation (WTO) and the G20 (the world’s 20 largest economies). India’s largest trade partners are the USA, China and the United Arab Emirates. India also has important trade links with surrounding Asian countries.
India’s main import is crude oil and its main exports are chemical products and diamonds.
India and aid
India has been one of the largest receivers of international aid. It has received aid from individual countries such as the UK, which, until 2015, received over £200 million a year to help tackle poverty. It has also received loans from IGOs such as the World Bank.
India changed its economic policies in 1991 to allow foreign businesses to locate in the country following an aid deal of US $2.2 billion from the International Monetary Fund (IMF).
India also provides aid to neighbouring countries such as Nepal, Afghanistan and Bhutan. This provides India with more power in the region and access to resources such as HEP.
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