Question

if the economy expereinces a contractionerary gap and the rbi stimulates the economy

Answer 1

India is one of the founding member of WTO . There has been several benefits for India along with few concerns by virtue of its participation in the multilateral trading system within WTO.

Here goes some of the benefits :-

(a.) WTO has helped India to improve its export competitiveness.

(b.) Lower tariff barriers and market access has helped India to integrate and participate in the global economy in a more efficient manner.

(c.) Transfer & Exchange of Technology ,ideas etc. has been of tremendous help for India in pursuit of its growth and development.

(d.) Having market access has helped in reduction of cost and time which would have otherwise required for bilateral trade negotiations.

(e.) A well defined and structured dispute settlement mechanism also makes it easier to settle the trade disputes.