Consider the following statements and choose the correct statements.
Statement 1: The nature of India’s foreign trade has remained constant in the last few decades.
Statement 2: There has been an increase in the total volume of import and exports over the period of years.
Statement 3: The value of exports continued to be higher than that of imports.
Answer & explanation
Correct answer: option 4
The correct answer is Option 4: Only Statement 2 is correct
Statement 1: The nature of India’s foreign trade has remained constant in the last few decades. This statement is incorrect because the composition and nature of India’s foreign trade have changed over the years.
Statement 2: There has been an increase in the total volume of import and exports over the period of years. This statement is correct because both imports and exports have increased significantly over time.
Statement 3: The value of exports continued to be higher than that of imports. This statement is incorrect because the value of imports has generally remained higher than exports.
NCERT: "The nature of India’s foreign trade has changed over the years . Though there has been an increase in the total volume of import and export, the value of import continued to be higher than that of exports.