Question

advancement of international trade of a country is an index to its economic prosperity

detailed 5 mark answer needed
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Answer 1

As the international trade increases the economic interdependence between the country also increases this globalization creates employment for different people all over the country

If imports and exports increase it adds to the prosperity of the country as it adds to the prosperity of the country by increasing the taxes and revenue on products

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Answer 2

1) No country in the world is self sufficient in all its needs . Goods produced by one country are required by the other country and vice-versa . Hence deference in resources,needs and development among nations creates condition for international trade between them.

2)It helps in exchange of surplus goods with those of deficit countries through foreign trade.

3) foreign trade has helped India to improve its productivity of manufactured goods.

4) International trade contributed to indias economic growth, raising income levels of people thus, increasing the foreign exchange reserves.

5) International trade helps India to import advanced technology of other countries to improve its own production.