India's Foreign Trade Under Economic Globalization

Economic globalization, as the major trend of global economic development, isan object and historical time tideway independent from human mind domination.Especially since the 1990s, with the foundation of WTO, the prosperous developmentof microelectronic technique and mechanics of communication, and socialistcountries shifting gradually from a planned economy to market economy andconstantly enhancing Opening Policy, economic globalization has been furtherquickened.In the mid 1970s, as one of the greatest developing countries in the world, Indiarealized the importance of participating in economic globalization, startedaccelerating its involvement in economic globalization, gradually modulated an"import substitution" policy of foreign trade into "a combination of importsubstitution with export promotion" policy of foreign trade, furthermore established aserial of correspondent countermeasures in allusion to globalization, and thereforegreatly promoted the development of its foreign trade to a new step. However, the"two-edge sword", economic globalization, brought India's foreign trade not onlyopportunity but challenge as well.This paper, from various perspectives, is an analysis on the reasons for India'saccelerating its participation in economic globalization and the effects. Meanwhile,based on it, the new characteristics of international trade under economic.globalization and India's prosperity of developing foreign trade are estimated and analyzed. In the viewpoint of the present writer, India will surly encounter somechallenges and opportunities as well in developing its foreign trade under economicglobalization, and the Indian government should, according to the internationalcircumstances and the specific domestic situation, pay special attention to the balanceof quality and quantity in developing its foreign trade, and promote the internationaltrade development moderately to make it better serve the development of India'seconomy.