Importance of foreign trade for India from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Foreign trade plays a crucial role in the economic development of India. It refers to the exchange of goods and services between countries. India is a diverse country with a rich cultural heritage and abundant resources. Foreign trade allows India to showcase its products on a global platform and tap into international markets. One of the key benefits of foreign trade for India is the expansion of markets. By engaging in trade with other countries, India can reach a wider customer base and increase its sales. This leads to higher profits for Indian businesses and boosts the overall economy. Additionally, foreign trade helps in diversifying the sources of goods and services, reducing dependency on a single market or supplier. Moreover, foreign trade promotes competition and innovation in the d...
Similar Posts
Economic growth is a complex process with multiple variables at play
The process of economic growth is not a simple one; it is a complex phenomenon that involves a multitude of variables interacti...
Behavioral economics explores how psychological factors influence economic decisions
Behavioral economics delves into the intriguing ways in which our brains can sometimes lead us astray when making economic deci...
Social Security is financially unsustainable
The current system of Social Security, as it stands today, is on an unsustainable path. The reason for this is simple: the numb...
The financial sector has become too dominant in the global economy
The dominance of the financial sector in the global economy has reached unprecedented levels, exerting immense influence over g...
International financial markets are subject to volatility
International financial markets are subject to volatility due to various factors that can cause sudden and unpredictable change...
Public goods are nonexcludable and non-rivalrous
Public goods are goods that are nonexcludable and non-rivalrous. Nonexcludable means that it is impossible to exclude anyone fr...
Economic freedom equals political freedom
The relationship between economic freedom and political freedom is a fundamental one. Both are essential for individual liberty...
Cooperation promotes shared prosperity
Cooperation is a fundamental aspect of human society that has enabled us to achieve great things throughout history. When indiv...
Antidumping measures aim to protect domestic industries
Antidumping measures are put in place to shield domestic industries from unfair competition from foreign companies. Dumping occ...
Regional disparities backward areas development
Regional disparities refer to the unequal distribution of resources, opportunities, and development across different regions wi...