How does foreign trade serve as an engine of growth. Distinguish between inward orientation and outward orientation as objectives of foreign trade policy. Also examine changes in India's foreign policy in this context.

Foreign trade plays a crucial role in the economic growth of a country by providing access to new markets, technology, and capital, which contribute to increased productivity, innovation, and economic development. In the case of India, foreign trade has historically served as an engine of growth by fostering integration into the global economy, enabling the exchange of goods and services, and enhancing the nation's competitive advantages. 

Foreign trade can contribute to growth in multiple ways. First, it promotes specialization and comparative advantage, allowing countries to focus on producing goods and services in which they have a relative advantage. By exporting goods and services that are efficiently produced domestically, a country can increase its economic output and create new job opportunities. The revenue generated through exports can be reinvested into further industrial development, thereby leading to greater economic expansion.

Second, foreign trade facilitates the transfer of technology and knowledge. Through imports, countries can access advanced technologies and innovations that would otherwise be unavailable, enhancing their industrial capabilities and productivity. This is particularly important for developing countries like India, which need access to foreign technology to modernize their industries and infrastructure.

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