Meghalaya Trade & Commerce

The basic objective of Economic Reforms was to improve productivity Growth and competitiveness in the Indian manufacturing sector. These reforms were aimed at making Indian manufacturing sector more efficient and technologically up to date, with the expectation that these changes would enable Indian manufacturing sector to achieve higher and sustainable growth. The government started to deregulate the Indian economy with a Liberalization-2/”>Liberalization programme, focused on the Investment pattern, trade policies, the financial sector, Taxation and public enterprises.

In recent times, Industrialization has become the catch word of the midtwentieth century and industrial development of the under developed countries or developing countries like India. One of the great world crusades of our times, the Less Developed Countries (LDCs) hope to find in it a solution their problems of POVERTY, insecurity, overpopulation, backwardness, illiteracy etc. They consider it a panacea for all the evils of their social and economic life. In fact, the essence of Economic Development of an LDC like India consists essentially in the growth of industrialization.

Realizing the importance of industrialization, once Pt. Jawaharlal Nehru rightly remarked, “Real progress must ultimately depend on industrialization”. His vision was to see India in the group of developed nations of the world and industrialization was the only key to restructure the economy and to achieve sustained growth. Indian economy is a basically an agriculture based economy. It has been evident from the experience of the most of advanced countries that growth based upon agriculture sector will not be sustainable growth.

After studying such behavior of terms of trade they made their belief that for the agriculture based economies terms of trade would always become unfavorable in long run because;

a) The income elasticity of export-goods of agricultural countries is low, while the income elasticity of import-goods is very high. As in case of domestic demand, the demand for agricultural products in other countries, in particular advance countries, is very low. In fact, developed countries have surpluses in agriculture products for exports. As against this, the demand for the import of manufactured goods by LDCs is very intense; and
b) With the advancement of technology, input-output coefficients are declining and most of primary products which were used as raw material are replaced by the industrial cheaper raw material.

On the other hand, if we develop only Tertiary Sector and ignore Industrial Sector then there may be tendency of Inflation in the economy and this inflation may lead to deceleration economic growth. Therefore, industrialization is the only method to achieve sustained economic growth. Moreover, economic history demonstrates that to eliminate a country’s techno-economic backwardness it is necessary to develop the industrial sector and then to diversify it over a wide range of area and activities. Industrialization is a process of economic organization characterized by rapid setting up of industries and has invariably been the accompaniment of economic development. Nevertheless, economic development should not be treated synonymous with industrialization because industrialization is only a part of the whole process of economic development.

TRADE

Meghalaya is dominantly depend on agriculture and commercial forest Industry. The major crops of Meghalaya are potatoes, rice, maize, pineapples, bananas, papayas, spices, etc.

In addition to the central government’s incentives for investments in the northeast region, the state offers a host of industrial incentives. The natural Resources, policy incentives and Infrastructure-2/”>INFRASTRUCTURE in the state favour investments in the tourism, hydroelectric power, manufacturing and mining sectors. Mineral, Horticulture-2/”>Horticulture, electronics, IT, agro-processing and tourism have been identified as the thrust sectors for industrial development. The state has abundant Natural Resources, which offer significant avenues for investment. About 14 per cent (3,108 square kilometres) of Meghalaya is covered by bamboo forests and the state is one of the leading bamboo producers in the country.

The Commerce & Industries Department of Meghalaya & its constituent unit, Meghalaya Industrial Development Corporation, are jointly responsible for the development of industrial infrastructure in the state

Meghalaya has an established tradition of high-quality weaving. Around 15, 900 families are involved in handloom activities in the state. There are eight handloom production centres, 24 handloom demonstration – cum – production centres, 24 weaving training centres and a state –level handloom training institute (Mendipathar, East Garo Hills) in the state.

Meghalaya, with abundant deposits of coal, limestone, kaolin feldspar, quartz, granite, industrial clay and uranium and a small deposit base of sillimanite, bauxite, base metals and apatite has great industrial potential.

Meghalaya has a Climate that supports agricultural and horticultural activities. The state offers potential for investment in these areas.,

Meghalaya is a state in north-eastern India. It is the wettest state in India, with an Average annual rainfall of over 12,000 mm. The state is home to a number of different ethnic groups, including the Khasi, Garo, and Jaintia peoples.

Agriculture is the main occupation in Meghalaya. The main crops grown are rice, maize, millet, and pulses. The state also has a significant Livestock Population, including cattle, pigs, goats, and Poultry.

Cottage industries are also important in Meghalaya. These include the production of handicrafts, such as bamboo and cane furniture, woodcarvings, and textiles.

The state has a number of mineral resources, including coal, limestone, and uranium. However, mining is not a major industry in Meghalaya.

Tourism is a growing industry in Meghalaya. The state is home to a number of beautiful natural attractions, including the Meghalaya State Forest, the Nokrek National Park, and the Mawlynnong village, which is known as the “Cleanest Village in Asia”.

Trade is also an important part of the Meghalaya economy. The state exports a variety of products, including agricultural products, Minerals, and handicrafts.

Transport is a major challenge in Meghalaya. The state has a poor road Network, and air and rail links are limited. However, the government is working to improve the infrastructure in order to boost the economy.

Meghalaya is a beautiful and diverse state with a rich culture and history. The economy is based on agriculture, cottage industries, tourism, and trade. The state has a number of challenges, including a poor infrastructure, but the government is working to improve the situation.

Here are some additional details about each of the subtopics:

Agriculture: The main crops grown in Meghalaya are rice, maize, millet, and pulses. The state also has a significant livestock population, including cattle, pigs, goats, and poultry.
Animal Husbandry: The main livestock raised in Meghalaya are cattle, pigs, goats, and poultry. The state also has a small number of sheep and horses.
Cottage Industries: Cottage industries are important in Meghalaya. These include the production of handicrafts, such as bamboo and cane furniture, woodcarvings, and textiles.
Handicrafts: The main handicrafts produced in Meghalaya are bamboo and cane furniture, woodcarvings, and textiles.
Industry: The main industries in Meghalaya are Food Processing, cement manufacturing, and tourism.
Minerals: The main minerals found in Meghalaya are coal, limestone, and uranium.
Tourism: Tourism is a growing industry in Meghalaya. The state is home to a number of beautiful natural attractions, including the Meghalaya State Forest, the Nokrek National Park, and the Mawlynnong village, which is known as the “Cleanest Village in Asia”.
Trade: Trade is also an important part of the Meghalaya economy. The state exports a variety of products, including agricultural products, minerals, and handicrafts.
Transport: Transport is a major challenge in Meghalaya. The state has a poor road network, and air and rail links are limited. However, the government is working to improve the infrastructure in order to boost the economy.

Here are some frequently asked questions and short answers about Trade and Commerce:

What is trade?
Trade is the exchange of goods and Services between two or more parties. It can take place on a local, national, or international level.
What is commerce?
Commerce is the activity of buying and selling goods and services. It includes all aspects of trade, from production to distribution to Marketing.
What are the different types of trade?
There are many different types of trade, including:
Domestic trade: This is trade that takes place within a country’s borders.
International trade: This is trade that takes place between two or more countries.
Barter trade: This is a type of trade in which goods or services are exchanged directly for other goods or services, without the use of Money.
Countertrade: This is a type of trade in which goods or services are exchanged for other goods or services, but the value of the exchange is not equal.
Compensation trade: This is a type of trade in which goods or services are exchanged for other goods or services, and the value of the exchange is determined by a third party.
Offset trade: This is a type of trade in which a country agrees to purchase goods or services from another country in exchange for that country’s agreement to purchase goods or services from the first country.
What are the benefits of trade?
There are many benefits to trade, including:
Increased efficiency: Trade allows countries to specialize in the production of goods and services in which they have a comparative advantage. This leads to increased efficiency and lower costs.
Increased competition: Trade increases competition between businesses, which leads to lower prices and higher quality goods and services.
Increased innovation: Trade encourages businesses to innovate and develop new products and services.
Increased EMPLOYMENT: Trade creates jobs in both the production and distribution of goods and services.
Increased economic growth: Trade is a key driver of economic growth.
What are the challenges of trade?
There are also some challenges associated with trade, including:
Trade deficits: When a country imports more goods and services than it exports, it has a Trade Deficit. Trade deficits can lead to job losses and economic instability.
Trade protectionism: Trade protectionism is the use of government policies to restrict trade. This can lead to higher prices and lower quality goods and services.
Trade disputes: Trade disputes can arise when countries disagree on the terms of trade. These disputes can be costly and time-consuming to resolve.
Trade shocks: Trade shocks are sudden changes in the terms of trade that can have a significant impact on an economy. These shocks can be caused by natural disasters, political instability, or changes in government policy.
What are the future trends in trade?
The future of trade is uncertain. However, some of the key trends that are likely to shape the future of trade include:
The rise of emerging markets: Emerging markets are countries that are experiencing rapid economic growth. These countries are becoming increasingly important players in the global economy.
The growth of E-Commerce: E-commerce is the buying and selling of goods and services over the Internet. E-commerce is growing rapidly and is expected to continue to grow in the future.
The increasing importance of services: Services are a growing share of the global economy. The growth of services is being driven by factors such as technological innovation and the rise of the knowledge economy.
The changing nature of work: The nature of work is changing as a result of technological innovation and the rise of the knowledge economy. These changes are leading to the growth of new jobs and the decline of old jobs.
The increasing importance of sustainability: Sustainability is becoming increasingly important in the global economy. Businesses are under pressure to reduce their environmental impact and to adopt more sustainable practices.
What are the implications of trade for development?
Trade can have a significant impact on development. Trade can help to promote economic growth, reduce poverty, and improve living standards. However, trade can also have negative impacts on development, such as job losses and Environmental Degradation. It is important to carefully manage the impact of trade on development in order to maximize the benefits and minimize the costs.

Which of the following is not a type of trade?
(A) Domestic trade
(B) International trade
(C) E-commerce
(D) Meghalaya trade
Which of the following is not a factor of production?
(A) Land
(B) Labor
(C) Capital
(D) Meghalaya
Which of the following is not a type of business organization?
(A) Sole proprietorship
(B) PARTNERSHIP
(C) Corporation
(D) Meghalaya company
Which of the following is not a type of government regulation?
(A) Antitrust laws
(B) Environmental regulations
(C) Labor laws
(D) Meghalaya regulations
Which of the following is not a type of economic system?
(A) Capitalism
(B) Socialism
(C) Communism
(D) Meghalayaism
Which of the following is not a type of economic growth?
(A) Positive economic growth
(B) Negative economic growth
(C) Zero economic growth
(D) Meghalaya economic growth
Which of the following is not a type of economic development?
(A) Economic development
(B) Economic growth
(C) Economic stability
(D) Meghalaya development
Which of the following is not a type of economic inequality?
(A) Income inequality
(B) Wealth inequality
(C) Opportunity inequality
(D) Meghalaya inequality
Which of the following is not a type of economic poverty?
(A) Absolute poverty
(B) Relative poverty
(C) Chronic poverty
(D) Meghalaya poverty
Which of the following is not a type of economic development goal?
(A) Economic growth
(B) Economic stability
(C) Economic Equality
(D) Meghalaya development goal