Define the term ‘Trade Surplus’. How was the income received from trade surplus with India used by Britain?
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Define the term ‘Trade Surplus’.
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A trade surplus is an economic measure of a positive balance of trade, where a country's exports exceed its imports. Trade Balance = Total Value of Exports - Total Value of Imports.
How was the income received from trade surplus with India used by Britain?
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The value of British exports to India was much higher than the value of British imports from India. This difference was the trade surplus for Britain. Britain used this surplus to balance its trade deficits with other countries, that is with those countries frpm which Britain was importing more than exporting.
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India's per capita net national incomeor NNI was around 135 thousand rupees in financial year 2020. ... In contrast, the gross national income at constant prices stood at over 128 trillion rupees. The same year, GNI growth rate at constant prices was around 6.6 percent.
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