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Identify and explain the concept from the given illustration: India purchased petroleum from Iran. - Economics

Short Note

Identify and explain the concept from the given illustration:

India purchased petroleum from Iran.

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Solution

Concept: Import trade

Explanation:

  1. Import trade refers to the purchase of goods by one country from another or the inflow of goods to the home country from a foreign country.
  2. Hence, this illustration relates to the concept of ‘import trade’ as India (i.e. home country) purchased petroleum from Iran (i.e. foreign country)
Concept: Trends in India’s Foreign Trade since 2001
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 10 Foreign Trade of India
Exercise | Q 2. (1) | Page 98
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