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The Dominion of India, officially the Union of India, [7] was an independent dominion in the British Commonwealth of Nations existing between 15 August 1947 and 26 January 1950. [8] Until its independence , India had been ruled as an informal empire by the United Kingdom.
As of 2023, India is the seventh largest exporter of commercial services in the world, [12] accounting for 4.6% of global trade in services. India's service exports grew by 27%. [13] In September, India's prominent services industry experienced an acceleration in growth, buoyed by robust demand in the sector.
The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billion in the year 2017–18. [3] Counting the European Union (EU) as one, the World Trade Organisation ranks India fifth for commercial services exports and sixth for commercial services imports. [4]
In general, PTAs do not cover substantially all trade. The India Mercosur Preferential Trade Agreement is an example of a PTA. [2] A free trade agreement (FTA) also involves reducing or eliminating tariffs on items traded between the partner countries; however each maintains individual tariff structure for non-members.
By the turn of the 21st century, India had progressed towards a free-market economy, with a substantial reduction in state control of the economy and increased financial liberalisation. [223] This has been accompanied by increases in life expectancy, literacy rates, and food security, although urban residents have benefited more than rural ...
Foreign direct investment (FDI) in India has reached 2% of GDP, compared with 0.1% in 1990, and Indian investment in other countries rose sharply in 2006. [18]As the third-largest economy in the world in PPP terms, India is a preferred destination for FDI; [19] India has strengths in information technology and other significant areas such as auto components, chemicals, apparels ...
Commonwealth free trade is the process or proposal of removing barriers of trade between member states of the Commonwealth of Nations. [1] The preferential trade regime within the British Empire continued in some form amongst Commonwealth nations under the Imperial Preference system, until that system was dismantled after World War II due to changes in geopolitics and the pattern of global ...
The specific objective of the Pro-Sustain project is to create a consumer market for fair trade products in India that measurably contributes to the improvement of rural livelihoods and provides farmers and artisans with the resources necessary to follow environmentally sustainable production practices.