International Trade is mutually beneficial as no country is self-sufficient. 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 to world trade is as low as one per cent of the total volume, yet it plays a significant role in the world economy.
What was the worth of India’s external trade in 1950-51?
Answer & explanation
Correct answer: option 3
In 1950-51, India’s external trade was worth Rs.1,214 crore, which rose to Rs. 44,29,762 crore in 2016-17.