Over the last 60 years, India's foreign trade has undergone a complete change in terms of composition and direction. The exports cover a wide range of traditional and non-traditional items while imports consist mainly of capital goods, petroleum products, raw materials, and chemicals to meet the ever-increasing needs of a developing and diversifying economy. n recognition of the growing importance of the foreign trade in driving the economy, this book describes and examines changes in the pattern of India's foreign trade since Independence in 1947, with focus on post-1991 developments. It addresses issues related to trade policy, export strategy, tariff policy, current account dynamics, exchange rate management, foreign exchange reserves, capital account liberalisation, external debt and aid, foreign investments (both direct and portfolio), and WTO.