The correct answer is D. All are correct.
India’s foreign trade has been growing rapidly in recent years. In 2020-21, India’s total trade (exports + imports) was $945 billion, up from $510 billion in 2010-11. This growth has been driven by both increasing demand for Indian goods and services in the global market, as well as by India’s own economic growth.
The composition of India’s trade has also been changing in recent years. In the past, India’s exports were dominated by primary commodities such as textiles and agricultural products. However, in recent years, there has been a shift towards exports of manufactured goods, such as engineering goods and pharmaceuticals. This shift is being driven by India’s growing manufacturing sector, as well as by the government’s efforts to promote exports.
India’s trade is also becoming more diversified. In the past, India’s trade was concentrated with a few countries, such as the United States and the European Union. However, in recent years, India has been expanding its trade with other countries, such as China and the Gulf countries. This diversification is helping to reduce India’s dependence on any one country or region.
Overall, India’s foreign trade is growing rapidly and becoming more diversified. This is a positive development for the Indian economy, as it is helping to drive economic growth and create jobs.
Here is a brief explanation of each option:
- Increase in volume of trade: India’s total trade (exports + imports) has been growing rapidly in recent years. In 2020-21, India’s total trade was $945 billion, up from $510 billion in 2010-11. This growth has been driven by both increasing demand for Indian goods and services in the global market, as well as by India’s own economic growth.
- Changing composition of trade: The composition of India’s trade has also been changing in recent years. In the past, India’s exports were dominated by primary commodities such as textiles and agricultural products. However, in recent years, there has been a shift towards exports of manufactured goods, such as engineering goods and pharmaceuticals. This shift is being driven by India’s growing manufacturing sector, as well as by the government’s efforts to promote exports.
- Multidimensional trade: India’s trade is also becoming more diversified. In the past, India’s trade was concentrated with a few countries, such as the United States and the European Union. However, in recent years, India has been expanding its trade with other countries, such as China and the Gulf countries. This diversification is helping to reduce India’s dependence on any one country or region.