Assertion: There is a significant increase in India's external trade and its worth in terms of rupees.
Reasoning: There are numerous reasons for this sharp rise in overseas trade, such as the momentum picked up by the manufacturing sectors, the liberal policies of the government and the diversification of markets.
Answer & explanation
Correct answer: option 1
Let us examine the changing pattern of India’s International trade. In 1950-51, India’s external trade was worth Rs.1,214 crore, which rose to Rs. 44,29,762 crore in 2016-17. Can you calculate the percentage growth in 2016- 17 over 1950-51? There are numerous reasons for this sharp rise in overseas trade, such as the momentum picked up by the manufacturing sectors, the liberal policies of the government and the diversification of markets.