No Car No countries can survive without in the international trade in the in the presence of global world explain the statement
Answers
Explanation:
Yes, no countries in the world are self-sufficient in all its needs. Goods produced by one nation are required in the other nation and vice versa. The difference in needs, resources requirements and development among nations create conditions for international trade. International trade helps in exchange of surplus goods with those of deficit countries through foreign trade. India has adopted the policy of Liberalization in 1991, because the economic development growth rate was very slow and India lacks behind in the terms of technology. International trade helps India to improve advanced technology of other countries to improve its own production process. Foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth and raised the income level of people. It also increases the foreign exchange reserve.