SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Net importer of raw materials
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Net exporter of raw materials
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Net importer of finished goods
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Both b and c
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Detailed explanation-1: -Britain retained its monopoly control and ruled over India’s imports and exports. Half of India’s foreign trade was only authorised to Britain and the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).
Detailed explanation-2: -In 1820, India’s GDP was 16% of the global GDP. By 1870, it had fallen to 12%, and by 1947 to 4%. India’s per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population.
Detailed explanation-3: -The remarkable features of foreign trade in India are maritime trade, diversity in exports, state trading, and change in imports, unfavourable or negative trade. There are mainly three types of foreign trade for instance entrepot trade, import trade as well as export trade.