Composition of Exports- Before the implementation of five year plans, the major Indian export heads were jute, tea, cotton textiles, mica, manganese, and animal skins. During the plan period, the component of agricultural products and minerals in total export decreased and the component of manufactured goods increased. This shows that the manufacturing sector has grown rapidly in the economy. In 1960, the component of agriculture and allied products in total exports was 44.2 per cent, which decreased to 13.7 per cent in 2013-14. The contribution of ores and minerals in total export was 8.1 per cent in 1960-61, which decreased to 1.8 per cent in 2013- 14. In the same way, the contribution of manufactured goods in total export was 45.3 per cent in 1960-61, which increased to 61.3 per cent in 2013-14.
Composition Of Indian Exports :
| Goods |
1960-61 |
1980-81 |
1990-91 |
2013-14 |
| Engineering goods |
3.4 |
12.33 |
11.9 |
19.8 |
| Petroleum products (including coal) |
1.1 |
0.4 |
2.9 |
20.6 |
| Jewels and Jewellery |
0.1 |
9.2 |
16.1 |
13.2 |
| Chemicals and allied products |
1.1 |
3.3 |
6.5 |
13.2 |
| Readymade garments |
0.1 |
8.2 |
12.8 |
4.8 |
| Total export (in million dollars) |
1346 |
8486 |
18143 |
314405 |
Source- Reserve Bank Of India, Handbook of statistics on Indian economy.
Major Indian exports have been shown as components of total export. Petroleum products were 1.1 per cent of total exports in 1960-61, which grew to 20.6 per cent of total exports in 2013-14. This is because of the petroleum refining capacity of India. Crude petroleum is exported after refining. The component of engineering goods in total export was 3.4 per cent in 1960-61, which increased to 19.8 per cent in 2013- 14. The component of jewels and jewellery in total export was 0.1 per cent in 1960- 61, which increased to 13.2 per cent in 2013-14. In the same way, the component of chemicals and allied products was also 13.2 per cent. In 1960-61, the component of jute and tea in total export was 21 per cent and 19.3 per cent respectively. At present, both have a component 0.5 per cent in total exports.
Composition of Imports : At the time of Independence, India’s major import heads included machinery, oil, food grains, pulses, cotton, vehicles, iron goods equipment, chemicals, dyes, threads and cotton clothes. Due to the establishment of large scale industries and infrastructural industries on a large scale under the strategy adopted for industrial development in the second five year plan, there has been an increase in the import of equipment and machinery and the goods related to their maintenance.
Composition of Indian Imports :
| Goods |
1960-61 |
1980-81 |
1990-91 |
2013-14 |
| Petroleum and lubricants |
6.1 |
41.9 |
25 |
36.6 |
| Non-Ferrous metals |
4.2 |
3.8 |
2.5 |
8.6 |
| Electronic goods, non electrical machinery |
18.1 |
8.7 |
9.8 |
5.2 |
| Pearls, precious stones |
0.1 |
3.3 |
8.7 |
5.3 |
| Total export (in Million dollars) |
2353 |
15869 |
24075 |
450200 |
Structural changes in the major items bf import of India have been shown in the above table under which the share of petroleum oil and lubricants was 6.1% in 1960- 61, which increased to 36.6% in 2013-14. At present, it is the major item of import of India. The share of non-ferrous metals (mainly gold and silver) in total imports was 4.2% in 1960-61, which increased to 8.6% in 2013-14. The share of electronic items and non-electrical machinery was 18.1 % in 1960-61, and it decreased to 5.2% in 2013-14. The total share of pearls and precious jewellary was 0.1% in total imports of 1960-61, which increased to 5.3% in 2013-14. The share of edible items in total imports was 16.1 % in 1960-61, which has become almost zero today. Import of capital goods was 31.7% in 1960-61, which declined to 12.1% of total imports in 2013-14.
