Which of the following statements is incorrect with respect to India's role in international trade?
a- India’s contribution to world trade is one-tenth of the total volume.
b- India plays a significant role in the world economy.
Answer & explanation
Correct answer: option 1
India’s international trade has undergone a sea change in recent years in terms of volume, composition as well as direction. Although India’s contribution in the world trade is as low as one per cent of the total volume, yet it plays a significant role in the world economy.