Q.State with reasons whether you agree or disagree with the following statement.
Over the last 75 years, India’s foreign trade has undergone a complete change in terms of composition and direction.

The statement is correct. Since Independence the composition (what is traded) and the direction (with whom it is traded) of India's foreign trade have both transformed substantially, so one agrees with it.

Change in composition of trade:

• Earlier, India's exports were dominated by primary products — raw cotton, tea, jute, spices and other agricultural goods — while imports were mainly finished manufactured goods and machinery.
• Today India exports a wide range of manufactured and value-added goods such as engineering products, chemicals, petroleum products, gems and jewellery, textiles, pharmaceuticals and, importantly, software and IT-enabled services. Imports now consist largely of crude oil, capital goods, electronics and gold.

Change in direction of trade:

• Earlier, trade was heavily concentrated with the United Kingdom and other Commonwealth countries. …