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A Collaborative Study of Foreign Trade and Economic Performance of India With Southeast Asian Countries
Abstract
The Indian economy was in distress at the brink of the country's independence since 1947 from the colonial rule and partition. India was fulfilling the development needs of the colonial rulers. The state that should have been responsible for breakthroughs in agriculture and industry refused to play even a minor role in this regard. On the other hand, during the early 19th century before India's independence, the world was seeing India's accelerated development and expansion in agriculture, industry, health, and the economy. Based on the OECD's Economic Outlook 2021, the Indian economy contracted by 7.7% in 2020 as domestic consumption declined. Despite the COVID-19-related downturn, the OECD has projected India's economy to expand by 9.9% and become the fastest-growing G20 economy of the world. This is a collaborative study of India's economy and foreign trade with some Asian countries. This research reviews the factors accelerating the development of India's economy, achievements, and obstacles of India's growth of foreign trade and economic performance.
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