Foreign Trade plays a very important role in the economic development and sustenance of most of the nations. The fact that Foreign Trade grows much faster than the world output, implies that for many a dynamic enterprise, the potential market is not confined to the national frontiers. For the good number of corporates, the overseas market is not a secondary market, but the primary market. The large and expanding world market often offers greater growth and profit opportunities than the domestic market. Globalisation and advanced information technology alongwith adapted mindset and attitude of people brought paradigm shifts in foreign trade by erasing the boundaries among the countries, culture and industries. For many small and medium sized enterprises too, the overseas market is very important. Position of fiscal deficit in 2016-17 (April to Dec.) was totalling Rs. 5.01 lakh crores which was 93.9% of total projected deficit of 2016-17. All these things have been explained in this revised edition.