Indian exports slowed for a long time because the country relied heavily on agricultural products like tea, jute, and cotton. The inelastic demand for these products cannot be overstated, and India's exportable goods were not competitively priced. Following the devaluation of the rupee in 1966, the government entered into several treaties with socialist countries and began offering fiscal and monetary incentives to their citizens. In addition, several councils and agencies were established to

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... ost exports. In the 1970s, exports proliferated for all these reasons. However, because most exportable commodities were primary goods, our import bill has always been greater than the export value. Due to rising domestic consumption, India exported only a small percentage of its surplus. It was concluded that tax incentives and similar programs to encourage exports were insufficient. Developed nations, such as the United States, raised tariff barriers to combat imports from less developed nations. It is worth noting that the unit value of exportable goods increased by a much larger margin than the quantum index of exports when most developed countries were experiencing economic recession. Due to rapid industrialization and the government's efforts to supplement domestic production and maintain a minimum level of buffer stock by regularly importing food grains from 1958-59 to 1972-73 under the PL 480 scheme, the value of India's imports rose above the value of its exports since 1951. Increasing imports and supplies of price-sensitive commodities like cement, edible oils, etc., had helped keep inflation in India under control. In the name of boosting exports, imports have been liberalized, allowing entry of both necessary and luxury items. Since 1973, when OPEC was formed, oil prices have been ramped up regularly. India's import costs have increased because of this. The new FTP (2009-14) includes several provisions designed to promote steady growth in international trade and reverse a last ten-month decline in exports. The [...]