TRANSPORTATION, COMMUNICATION AND TRADE. — Social Science STD 10 — Question
Gujarat BoardEnglish MediumSTD 10Social ScienceTRANSPORTATION, COMMUNICATION AND TRADE.4 Marks
Question
Write a short note on international trade of India.
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Answer
India's international trade changed drastically after it adopted the Liberalization policy in $1991.$
However, India's trade balance is negative since last few years.
In order to make this trade balance positive, the government has started projects such as Make in India'.
The objective of this project is to attract foreign companies to produce their goods in India and then export them to foreign countries. This will increase our exports and hence make our trade balance positive.
$(A)$ Import trade of India:
India imports iron and copper whenever India is not able to produce sufficient iron.
Owing to a very large population and rising number of vehicles, there is a huge demand for India petroleum, petroleum products and lubricants. These are also important for the machineries. Hence import these items.
India also imports machines, pearls and gemstones and edible oils from $U.S.A.$, Germany, Russia Myanmar, Iran, etc.
$(B)$ Export trade of India:
Although India has the capacity to export more, but it restricts its exports to a certain limit. This is done so that over exporting does not increase the price of such goods within India.
We also import raw materials for few things, manufacture some goods from them and then export them.
Our export includes iron ore and minerals, engineering goods such as cycle, fans, sewing machines cars, railway coaches, computer software, etc.
We also export chemicals and related items, gem stones, hide and leather goods, cotton textile, fis and fish products, handicrafts, tea-coffee, jute and jute products, readymade clothes, etc.
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