3 Indian & AP Economy and Planning · 3.3.1 External sector

3.3.1.6 India's foreign trade: composition, direction, Foreign Trade Policy 2023 and rupee trade settlement

India runs a large goods trade deficit, offset by a services surplus; trade policy has moved from import substitution to export promotion, with Foreign Trade Policy 2023 as a continuing framework and rupee settlement as a newer tool.

  • APPSC Group 1
  • Advanced level
  • 7 min read
  • Full course

Key terms

  • foreign trade
  • exports
  • imports
  • trade deficit
  • Foreign Trade Policy 2023
  • RoDTEP
  • SEZ
  • EPCG
  • import substitution
  • export promotion
  • rupee settlement
  • Special Rupee Vostro Account
  • DGFT

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

Read the full note in the app. It is part of the APPSC Group 1 full course in Medha AI. Free in the app: the first chapter of each topic.

Read the full note in the app Indian & AP Economy and Planning questions with answers

All External sector notes · APPSC Group 1 syllabus · APPSC G1 Paper I Mock 1 with answers · Start free

Medha AI writes its own notes and checks them against the sources listed. Medha AI is an independent preparation service. It is not affiliated with, endorsed by or connected to APPSC, TSPSC, MPSC, UPSC or any other commission or government body.