Advancement of international trade of a country is an index of its economic prosperity. Justify this statement with 5 arguments.
Answers
the advancement of the international trade of a country is an index to its economic development because international trade brings in numbers needed Foreign Exchange with eventually lead to the development it brings revenue that helps the country to develop at the fullest If a country exports in terms of money more more than it help the country earn more because it can bring the money required for development does advancement of the international trade of a country is an index of development because it tells how much companies and industries are there in a country
Answer:
This statement is true because
(i) as the resources are limited no country can survive without International trade.
(ii) goods or resources possessed by one country are required by other and vice-versa. These differences create conditions for international trade.
(iii) foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth, raising income level of people.
(iv) in the recent years, exchange of commodities and goods have been superseded by the exchange of information and knowledge.
(v) India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.
Thus, it can be concluded that advancement of international trade of a country is an index of its economic property.