Global Trade and India’s Evolving Role in the World Economy

ISBN-978-93-6175-404-3

Global trade, which has been the foundation of both economic development and international
cooperation, has had a significant impact on nations and sectors all over the world. As a
consequence of the increasing global connection, trade has gone beyond the basic exchange
of goods and services to encompass investment, human capital, and technology. This
expansion went beyond the traditional definition of trade. India has improved its position in
global trade and emerged as a significant player in this dynamic environment. This is due to
the country’s diverse economy, vast workforce, and intelligent policies.
The historical commercial routes of India, the economic reforms that have been implemented,
and the country’s participation in multilateral treaties have all contributed to the country’s
standing in international commerce. For centuries, India has been at the vanguard of world
innovation, moving its emphasis from textiles and spices to pharmaceuticals, renewable
energy, and information technology. In ancient times, India was primarily concerned with
textiles and spices. India’s economy was liberalised in 1991, which welcomed foreign
investments and increased India’s presence in worldwide markets. This was a momentous
occasion that marked the beginning of a paradigm shift.
The objective of this study is to investigate the shifting dynamics of international business,
with a particular emphasis on India, with the goal of conducting an analysis of the country’s
accomplishments, challenges, and possible remedies. The findings of this study offer insight
on India’s export-import patterns, economic ambitions, and trade strategies, which enables the
country to better position itself in the global economy.