<P> The construction industry contributed $288 billion (13% of GDP) and employed 60.42 million people (14% of the workforce) in 2016 . </P> <P> Until the liberalisation of 1991, India was largely and intentionally isolated from world markets, to protect its economy and to achieve self - reliance . Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted by upper - limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector . The restrictions ensured that FDI averaged only around $200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians . India's exports were stagnant for the first 15 years after independence, due to general neglect of trade policy by the government of that period; imports in the same period, with early industrialisation, consisted predominantly of machinery, raw materials and consumer goods . Since liberalisation, the value of India's international trade has increased sharply, with the contribution of total trade in goods and services to the GDP rising from 16% in 1990--91 to 47% in 2009--10 . Foreign trade accounted for 48.8% of India's GDP in 2015 . Globally, India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade . India's major trading partners are the European Union, China, the United States and the United Arab Emirates . In 2006--07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals . Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver . In November 2010, exports increased 22.3% year - on - year to ₹ 850.63 billion (US $12 billion), while imports were up 7.5% at ₹ 1,251.33 billion (US $17 billion). The trade deficit for the same month dropped from ₹ 468.65 billion (US $6.5 billion) in 2009 to ₹ 400.7 billion (US $5.6 billion) in 2010 . </P> <P> India is a founding - member of General Agreement on Tariffs and Trade (GATT) and its successor, the WTO . While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world . For instance, India has continued its opposition to the inclusion of labour, environmental issues and other non-tariff barriers to trade in WTO policies . </P> <P> Since independence, India's balance of payments on its current account has been negative . Since economic liberalisation in the 1990s, precipitated by a balance - of - payment crisis, India's exports rose consistently, covering 80.3% of its imports in 2002--03, up from 66.2% in 1990--91 . However, the global economic slump followed by a general deceleration in world trade saw the exports as a percentage of imports drop to 61.4% in 2008--09 . India's growing oil import bill is seen as the main driver behind the large current account deficit, which rose to $118.7 billion, or 11.11% of GDP, in 2008--09 . Between January and October 2010, India imported $82.1 billion worth of crude oil . The Indian economy has run a trade deficit every year from 2002 to 2012, with a merchandise trade deficit of US $189 billion in 2011--12 . Its trade with China has the largest deficit, about $31 billion in 2013 . </P>

The highest economic growth rate in india was achieved in