Advancement of international trade of a country is an index of its economic prosperity”. Justify the statement with five arguments.
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(i) As the resources are space-bound, no country can survive without international trade.
(ii) Exports and imports are components of trade.
(iii) The international trade helped India in increasing its productivity and improving quality of its products and then exporting the manufactured goods.
(iv) International trade helps in exchange of surplus goods with those of deficit countries through foreign trade.
(v) International trade had also helped India to import recent technology to improve its productivity and the quality of the product. (vi) The government policy of globalization and liberalization had helped four folds in making its place in the Global world.
(vii) Therefore advancement of international trade of a country becomes an index of its economic prosperity