The correct answer is (a) Gems and Jewellery.
Gems and jewellery are the single largest export item from India, accounting for 15% of the country’s total exports in 2020-21. The jewellery industry is a major employer in India, with over 4 million people directly employed in the sector. The industry is also a major contributor to the country’s GDP, accounting for over 7% of the total GDP in 2020-21.
The jewellery industry in India is highly competitive, with a large number of players operating in the market. The industry is also highly fragmented, with a large number of small and medium-sized enterprises (SMEs) operating in the sector. The industry is dominated by a few large players, such as Titan Company, Tanishq, and Gitanjali Gems.
The jewellery industry in India is facing a number of challenges, including rising costs of raw materials, increasing competition from China, and the global economic slowdown. However, the industry is also expected to grow in the coming years, driven by the rising demand for jewellery from both domestic and international markets.
The other options are incorrect because they are not the single largest export item from India.
(b) Readymade garments are the second largest export item from India, accounting for 12% of the country’s total exports in 2020-21.
(c) Leather and footwear are the third largest export item from India, accounting for 8% of the country’s total exports in 2020-21.
(d) Chemicals are the fourth largest export item from India, accounting for 7% of the country’s total exports in 2020-21.