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Question
State with reasons whether you agree or disagree with the following statement.
Over the last 75 years, India’s foreign trade has undergone a complete change in terms of composition and direction.
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Solution
I agree with the given statement.
Reason:
Over the last 75 years, India’s Foreign trade has undergone a complete change in terms of composition and direction. This transformation reflects the country’s economic development, industrialization, and integration into the global economy, especially following the economic liberalization in 1991.
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RELATED QUESTIONS
Explain any four features of composition of India's foreign trade.
Observe the following table and answer the questions given below it.
| Countries/Organizations | Years | ||
| 1990-91 | 2015-16 | ||
| Sr. No. | Percentage | Percentage | |
| 1 | OECD | 54.0 | 28.8 |
| 2 | OPEC | 16.3 | 23.6 |
| 3 | Eastern Europe | 7.8 | 1.9 |
| 4 | Developing Nations | 18.6 | 43.2 |
| 5 | Others | 1.4 | 2.5 |
- Which organization has the least share in the direction of India's imports in 2015-16?
- Which organization has maximum share in India's direction of imports in 1990-91?
- Expand the abbreviations of OECD and OPEC.
- State your opinion regarding the direction of India's imports.
- How much is the percentage of increase in the imports of developing nations in 2015-16 as compared to 1990-91?
Features of composition of India’s foreign trade:
- Increasing share in Gross National Income
- Increase in volume and value of trade
- Division of labour and specialization
- Stability in price level
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