how is international trade an index of a country's development?
explain for 5 marks in 100 words in points
cbse class 10
Answers
the Rapid globalisation going around the world has helped many countries to establish international trade all over the world. does the market for different products have been extended for a wide variety of accomplishments and since day by day lifestyle of people are changing the need for more and more luxurious products are increasing rapidly. international trade, industries, has enabled people to familiarise with different products of different value and use. also International traders enabled products of same use but different quality to be sold in a minimum price which is affordable by all sections of people in the society.
international trade an index of a country's development by
(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(iv) in the recent years, exchange of commodities and goods have been superseded by the exchange of information and knowledge.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.