Question

define the term trade surplus.how was the income received from trade surplus with India used by Britain

Answer 1

When the value of a country's exports exceeds the value of its imports ,the resulting positive value is called trade surplus.
Britain had trade surplus with India .Britain used this surplus to balance its trade deficit with other countries that is with the countries from which Britain was importing more than it was selling to.by helping Britain balance its deficits, India played a crucial role in the late nineteenth century world economy.

Answer 2

Answer:

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.