Sunday, November 4, 2012

The Role of Foreign Trade and Economic Conditions in India



Foreign trade has got an important place in the economic development of India and the importance of those trades for economic development are:
Ø    First, foreign trade helps a developing country like India in its economic development. Iron and steel industry, has been established due to stored iron-ore and coal. But for the establishment of this type industry, we have to import technical knowledge from foreign countries. Had there been no foreign trade, then it would not have been only difficult but also too expensive.
Ø    Secondly, foreign trade increases the scope of market because of domestic demand and foreign demand for the product. So there is mass production. If the production of goods increases, average cost declines and price of goods declines.
Ø    Thirdly, foreign trade helps the people to get different varieties of goods both in quantities terms and qualitative terms.
Ø     Fourthly, foreign trade helps to produce those commodities which have a comparative cheaper cost than others. It results in less cost of producing a commodity. If all the countries adopt the procedure to produce these goods which they have less comparative cost, it will lead to availability of goods at a lower price.
India benefit greatly from FDI to generate employment and productivity enhancement that encourages the transfer of management skill, intellectual property and technology, increase in tax revenue and increase in exports.

India has been the home to a number of multinational companies since the financial liberalization in 1991, and the number of multinational companies in India has increased noticeably. These multinational companies in India represent a diversified portfolio of companies from different countries. Though the American companies - the majority of the MNC in India, account for about 37% of the turnover of the top 20 firms operating in India, but the scenario has changed a lot off late. More enterprises from European Union like Britain, France, Netherlands, Italy, Germany, Belgium and Finland have moved or outsourced their works to India.
Without foreign trade, it is not possible to fulfill the demand for petroleum products and it will retard the economic development of India. There is also scarcity of consumer goods due to natural calamities or due to any other reason. During the time of scarcity in consumer goods, the governments imports these goods from foreign countries and keep prices stable which help people to get their commodities.
Due to all these above reasons, foreign trade has got an important place in every country.

Sources:

Moran Shipping Agencies, Inc.




Moran Shipping Agencies, Inc. was founded by James F. Moran and began its operations in Providence, Rhode Island since 1937, and can proudly celebrate 75 years of steamship agency excellence in 2012. Today, Moran Shipping Agencies has become the largest independent steamship agency in North America, and could not have achieved this without the support of their loyal and valued clients, superb vendors and dedicated employees who continually strive to give their best each and every day.
Port of Providence
Moran has proven experience in the area of Hub Management, marine expertise, international vessel finance and accounting, and innovative information technology solutions. The company strength is their people...Moran boasts extremely low employee turnover as Managers average over 20 years agency experience with the Company. Moran Shipping Agencies dedicated team represents a diverse and committed skill base, which includes Captains, Mariners, former and active Coast Guard, ship operators, charterers, brokers, inspectors, as well as vetting and maritime security experts.

Moran acquired ownership of Boston based Patterson & Wilde Steamship Agency and full ownership of Kurz-Moran Agencies in New York/New Jersey and Philadelphia. Over the ensuing years and into the 21st century, Moran has continued to opened offices in strategic markets to meet clients’ needs.  With additional locations in Texas, Louisiana, and Florida, and the establishment of Moran-Pacific on the West Coast, the company now has 20 full service offices directly serving over 100 ports in North America.
Corporate Building in Providence
James A. Black (AKA Jim), continues to guide the company as President/CEO through the dramatic industry changes that have occurred this past decade.  These changes in Moran have resulted in significant advances in IT/Communications, Voyage Accounting, and Port Security, offering further advantages and benefits to customers.  Over the past 3 years, Moran have both renovated and built state-of-the-art facilities in Providence and Houston, allowing the flexibility to manage long-term growth and further develop the infrastructure to meet industry’s ever-changing requirements.  Most importantly throughout the 75 years, however, is the partnership formed with each principal during each vessel call and Moran Shipping Agencies’ unwavering commitment to providing the highest standard of agency service and care.

 Source: http://www.moranshipping.com/