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Foreign trade refers to the exchange of goods and services across international borders or territories. It involves the export and import of products, services, and capital. In the context of business organizations, foreign trade plays a pivotal role in the expansion of markets, growth of industries, enhancement of competitiveness, and the overall economic development of a nation. For a developing country like India, foreign trade has acted as a crucial engine of economic growth, providing opportunities for industrial expansion, employment generation, technological development, and increased foreign exchange earnings. India's tryst with foreign trade began long before its independence, but it gained real momentum after the liberalization policies initiated in 1991. These policies aimed to integrate the Indian economy with the global market, reduce trade barriers, and encourage private and foreign investment. Since then, India's foreign trade has grown significantly in terms of both volume and diversity. The increased participation in global trade has contributed substantially to the country's GDP and industrialization, making foreign trade an indispensable aspect of India's economic strategy. From the perspective of business organizations, foreign trade opens up numerous possibilities. Indian companies get access to larger international markets for their products and services, enabling them to __________ ___ _________ ______ ___ ___ __________ __________ _____ ________ _________.
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