India had a favourable balance of trade only in 1972−73(₹104 crore ) and 1976−77 (₹ 68 crore ) The control on import on the one hand and promote export on another hand is what Government of India taking some measures to control Balance of trade. The balance of trade is the difference be- tween the value of a country's imports and exports for a given period. The balance of trade is the largest component of a country's balance of payments.