‘‘Advancement of international trade of a country is an index to its prosperity.’’ Support the statement with suitable examples. -SST 10th

‘‘Advancement of international trade of a country is an index to its prosperity.’’ Support the statement with suitable examples. -SST 10th
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Answer :

(i) No country in the world is self-sufficient in all its needs. Goods produced by one country are required by the other country and viceversa. Hence, differences in resources, needs and development among nations create conditions for international trade between them.  (ii) It helps in exchange of surplus goods with those of deficit countries through foreign trade.  (iii) Foreign trade has helped India to improve its productivity of manufactured goods.  (iv) International trade contributed to India’s economic growth, raising income levels of people thus, increasing the foreign exchange reserves.  (v) International trade helps India to import advanced technology of other countries to improve its own production. (vi) Thus, prosperity of a country depends on the advancement of the international trade and hence, it is called the ‘economic barometer’ of a nation.
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