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Consider the following statements with respect to the Foreign Trade of India:
- Financial services account for the majority of export services.
- India is suffering from a capital account deficit in recent years.
- Crude Petroleum is the highest imported commodity.
Which of the statements given above is/are incorrect?
- a)1 and 2 only
- b)3 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements with respect to the Foreign Trade of...
India has a significant presence in the services sector exports. It remained among the top ten trading countries in commercial services in 2019 accounting for 3.5 percent of world services exports. Notwithstanding the setback witnessed in the wake of the pandemic, India’s services sector remained relatively resilient when compared to merchandise trade. The resilience of the services sector was primarily driven by software services, which accounted for 49 percent (largest component ) of total services export. So, statement 1 is not correct.
According to Economics Survey 2020-21, net capital flows was modest in H1: FY 2020-21 at US$ 16.5 billion, as against US$ 40.0 billion in HI: FY 2019-20, mainly accounted for by net repayments of external commercial borrowings (ECBs) and decline in banking capital. During April-October, 2020, net FDI flows recorded an inflow of US$27.5billion, 14.8 percent higher as compared to the first seven months of 2019-20. According to RBI statistics, it can be said that India has been maintaining a capital account surplus in recent years. So, statement 2 is not correct.
According to Economics Survey 2020-21, net capital flows was modest in H1: FY 2020-21 at US$ 16.5 billion, as against US$ 40.0 billion in HI: FY 2019-20, mainly accounted for by net repayments of external commercial borrowings (ECBs) and decline in banking capital. During April-October, 2020, net FDI flows recorded an inflow of US$27.5billion, 14.8 percent higher as compared to the first seven months of 2019-20. According to RBI statistics, it can be said that India has been maintaining a capital account surplus in recent years. So, statement 2 is not correct.
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Consider the following statements with respect to the Foreign Trade of...
Incorrect Statements in Foreign Trade of India:
Financial services account for the majority of export services:
This statement is incorrect. In reality, software services, particularly IT and IT-enabled services, account for the majority of export services in India. These services have been a significant contributor to India's export earnings over the years.
India is suffering from a capital account deficit in recent years:
This statement is incorrect. India has been experiencing a capital account surplus in recent years, meaning that the country is receiving more capital inflows than outflows. This surplus has been driven by factors such as foreign direct investment, portfolio investment, and external commercial borrowings.
Crude Petroleum is the highest imported commodity:
This statement is correct. Crude Petroleum is indeed the highest imported commodity in India. India relies heavily on imports of crude oil to meet its energy needs, making it one of the top imported commodities in the country.
Financial services account for the majority of export services:
This statement is incorrect. In reality, software services, particularly IT and IT-enabled services, account for the majority of export services in India. These services have been a significant contributor to India's export earnings over the years.
India is suffering from a capital account deficit in recent years:
This statement is incorrect. India has been experiencing a capital account surplus in recent years, meaning that the country is receiving more capital inflows than outflows. This surplus has been driven by factors such as foreign direct investment, portfolio investment, and external commercial borrowings.
Crude Petroleum is the highest imported commodity:
This statement is correct. Crude Petroleum is indeed the highest imported commodity in India. India relies heavily on imports of crude oil to meet its energy needs, making it one of the top imported commodities in the country.
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Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? for RRB NTPC/ASM/CA/TA 2024 is part of RRB NTPC/ASM/CA/TA preparation. The Question and answers have been prepared according to the RRB NTPC/ASM/CA/TA exam syllabus. Information about Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for RRB NTPC/ASM/CA/TA 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? for RRB NTPC/ASM/CA/TA 2024 is part of RRB NTPC/ASM/CA/TA preparation. The Question and answers have been prepared according to the RRB NTPC/ASM/CA/TA exam syllabus. Information about Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for RRB NTPC/ASM/CA/TA 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with respect to the Foreign Trade of India: Financial services account for the majority of export services. India is suffering from a capital account deficit in recent years. Crude Petroleum is the highest imported commodity.Which of the statements given above is/are incorrect?a)1 and 2 onlyb)3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
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