Importance of foreign trade for India from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Foreign trade plays a crucial role in the economic development of India. It refers to the exchange of goods and services between countries. India is a diverse country with a rich cultural heritage and abundant resources. Foreign trade allows India to showcase its products on a global platform and tap into international markets.
One of the key benefits of foreign trade for India is the expansion of markets. By engaging in trade with other countries, India can reach a wider customer base and increase its sales. This leads to higher profits for Indian businesses and boosts the overall economy. Additionally, foreign trade helps in diversifying the sources of goods and services, reducing dependency on a single market or supplier.
Moreover, foreign trade promotes competition and innovation in the d...
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