|
Answer» Foreign trade around the decade of 1950-60: - A less developed economy imports things at a very high rate and in high volume in all the sectors.
- Between 1950 and 1960, India’s agriculture sector was quite weak and so it imported food grain quite frequently. During that period it also imported machines and spare parts, capital assets, technological know-how, etc. in very high quantity.
- In terms of exports, the less developed economies like India mainly exports goods belonging to agriculture or say primary sector. So, in the past, India mainly exported tea, coffee, jute, mineral ore, and minerals, etc. It did not export industrial goods in much quantity.
Import-Export of various items in 1960-61 | No. Item | Share of import | | 1. Food grains | 19.1% | | 2. Capital intensive goods | 31.7% | | 3. New items | Two |
| No. Item | Share of export | | 1. Items of primary sector | 44.2% (Tea and coffee: 19.3%, Jute: 21%) | | 2. Leather products | 4.4% | | 3. Cloth | 10% | | 4. Readymade garments | 0.1% | | 5. Manufactured goods | . 45.3% | | 6. Petroleum products | 1.1% |
|
