Question

No country can survive without international trade in the present world. Justify this statement eith any 3 relevant examples.

Answer 1

“No country can survive without international trade in the present Global World”. because-

(i) As the resources are space-bound, no country can survive without International trade.

(ii) Export and import are the components of trade.

(iii) The international trade helped India in increasing its productivity and improving quality of its products and then exporting the manufactured goods.

(iv) International trade had also helped India to import recent technology to improve its productivity and the quality of the product.

(v) Government’s policy of globalization and liberalization had helped four folds in making its place in the Global world.

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Answer 2

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(i) No country in the world is self-sufficient in all its needs. Goods produced by one country are required by the other country and vice-versa. Hence, differences in resources, needs and development among nations creates conditions for international trade between them.

(ii) It helps in exchange of surplus goods with those of deficit countries through foreign trade.

(iii) Foreign trade has helped India to improve its productivity of manufactured goods.

(iv) International trade contributed to India's economic growth, raising income levels of people thus, increasing the foreign exchange reserves.

(v) International trade helps India to import advanced technology of other countries to improve its own production.

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