Question

What is the importance of imports in Indian Economy? Write any one.

Answer 1

Exports and imports are important for the development and growth of national economies because not allcountries have the resources and skills required to produce certain goods and services. Nevertheless, countries impose trade barriers, such as tariffs and import quotas, in order to protect their domestic industries.

Answer 2

Answer:

Imports are extremely important for raising the economic conditions of a country. For India which is a developing country it is required since, the import goods will be comprising of many tax and other duties are also imposed on it.

So, when these are sold to the consumers then a great deal of profit is earned by the government which raises the economic condition of the government thus increasing the Indian economy.