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Social Science: Globalisation and the Indian Economy - Concept of Globalization and Factors

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Explain the importance of international trade.

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Solution

The following points highlight the importance of international trade.

1) International trade helps fill-in the deficiency of resources and goods in a country.

2) It helps in earning income for a country by the means of selling-off its surpluses. 

3) It has considerably increased after the era of globalisation and liberalisation set-in.

4) It has helped various countries achieve economic development and has also led to infrastructural growth in developing countries.

Concept: Concept of Globalization and Factors
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