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Role & importance of foreign trade in India - Sector-wise Trends and Issues, Indian Economy Video Lecture | Indian Economy - B Com
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| 1. What is the role of foreign trade in India? |  |
Ans. Foreign trade plays a crucial role in the Indian economy. It helps in promoting economic growth, employment generation, and enhancing the overall competitiveness of domestic industries. By engaging in international trade, India can access a wider market for its goods and services, which in turn leads to increased production and revenue. Additionally, foreign trade helps in attracting foreign direct investment (FDI), technology transfer, and fostering global relationships.
| 2. What are the sector-wise trends in foreign trade in India? | |
Ans. The sector-wise trends in foreign trade in India vary depending on the nature of the industries. Some of the prominent sectors contributing to India's foreign trade include textiles, pharmaceuticals, automobile, information technology, and agriculture. Over the years, there has been a shift towards higher value-added exports, with sectors like IT and pharmaceuticals experiencing significant growth. However, traditional sectors like textiles and agriculture continue to play a crucial role in India's foreign trade.
| 3. What are the issues faced in foreign trade in India? | |
Ans. Despite the benefits, foreign trade in India faces certain challenges and issues. Some of the common issues include trade deficits, inadequate infrastructure, complex regulations and bureaucracy, non-tariff barriers, and fluctuating exchange rates. These issues can hinder the growth and competitiveness of Indian industries in the global market. The government and relevant stakeholders constantly work towards addressing these issues through policy reforms and initiatives.
| 4. How does foreign trade impact the Indian economy? | |
Ans. Foreign trade has a significant impact on the Indian economy. It contributes to the gross domestic product (GDP), employment generation, and foreign exchange earnings. By importing essential goods and raw materials, India meets its domestic demand and supports various industries. On the other hand, exporting goods and services helps in earning foreign exchange, improving the balance of payments, and stimulating economic growth. Additionally, foreign trade fosters innovation, technological advancements, and enhances the competitiveness of Indian industries.
| 5. How does foreign trade benefit different sectors of the Indian economy? | |
Ans. Foreign trade benefits different sectors of the Indian economy in various ways. For instance, the textile sector relies heavily on exports to sustain its growth and create employment opportunities. The pharmaceutical sector benefits from access to international markets, allowing for increased exports of generic drugs. The automobile sector can import advanced technology and components, leading to improved product quality. Similarly, the agriculture sector can tap into global markets for export of agricultural products, contributing to farmer incomes and rural development. Overall, foreign trade provides opportunities for growth and development across multiple sectors in the Indian economy.
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Dec 23, 2024 Last updated |
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