Advancement of international trade of a country is an index of its economic prosperity”. Justify the statement with five arguments.
Answers
❤No country can survive without international trade because resources are space bound.
❤advancement of international trade of a country leads to its economic prosperity because such a trade provides many jobs to workers as well as business to tradwrs.
❤it is through international trade that we earn much of our foreign exchange which is required for importing many essential goods.
❤foreign trade helps in transfer of technology.
❤foreign trade leads to culture exchange.
(i) As the resources are space-bound, no country can survive without international trade.
(ii) Foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth, rising income level of people.
(iii) Goods or resources possessed by one country are required by other and vice-versa. These differences create conditions for International trade.
(iv) In the recent years, exchange of commodities and goods have been superseded by the exchange of information and knowledge.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 a large amount of foreign exchange through the export of Information Technology.
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