Question.
Write a note on the changing nature of international trade in the last fifteen years.
( Chapter - 7 Lifelines of the National Economy, Cass X NCERT Contemporary India -II )
Answer.
Trade is the exchange of goods and services between people, states, regions, and countries.
The trade that takes place between two countries is called international trade. Export and import are two major components of international trade.
The following are the changing nature of international trade in the last fifteen years [after 2005]:
There has been a huge growth in India's knowledge-based service exports in the last fifteen years. India has emerged as a software giant at the international level. We are earning huge amounts of foreign exchange through the export of information technology.
According to the Annual Report 2016-17, Ministry of Commerce and Industry, Government of India, India ranks fourth best holiday haven in the world for foreign tourism.
Our country is one of the largest exporters of generic drugs and vaccines in the world. Our pharmaceutical industry is now internationally competitive.
In services, Indian IT exports, the tourism industry, and medical tourism are among the fastest-growing industries for international trade.
According to the Economic Survey 2016-17, merchandise exports from the manufacturing sectors are the largest of the total exports; This is 73.6 percent of the total exports. Prior to the LPG reform, our exports were largely dominated by agricultural commodities but are now dominated by the manufacturing sector.
Due to the rapid development of the manufacturing sectors and transport sectors, there has been a huge increase in the demand for crude petroleum and other fossil fuels like coking coal, as a result of which it has emerged as the largest item of our imports.
Imports of fertilizers and precious metals such as gold and pearls have also increased in the last fifteen years.
India's share in the international market was around 1 percent in 2005 and is now around 2.1 percent in 2022. Therefore, there has been a huge increase in international trade in India.
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