ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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less than 1%
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1%
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2%
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3%
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Detailed explanation-1: -India aims to raise the share of its exports in global trade to 3% by 2027 and 10% by 2047 from the current 2.1%, promoting hundred Indian brands as global champions.
Detailed explanation-2: -The World Trade Organisation (WTO) has projected that the global trade growth will rise by 3.5% in 2022 but only 1% in 2023. India’s share in global merchandise trade is 1.8% and in global services, it is 4%, and there is a lot of potential to increase this, he said.
Detailed explanation-3: -India exports for 2021 was $679.68B, a 36.18% increase from 2020. India exports for 2020 was $499.10B, a 5.7% decline from 2019.
Detailed explanation-4: -Exports The top exports of India are Refined Petroleum ($25.3B), Packaged Medicaments ($17.8B), Diamonds ($16B), Rice ($8.21B), and Jewellery ($7.57B), exporting mostly to United States ($49.7B), China ($18.5B), United Arab Emirates ($18.1B), Hong Kong ($9.18B), and Germany ($8.8B).