Question
Has agriculture contributed to the foreign exchange reserves of India? Discuss.
Answer :
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It is generally believed that services is driving India’s exports and also net foreign exchange earnings. While data related to exports of services is easily available from government agencies and industry bodies, information about imports is missing. However, when one runs through the data of import & exports from multiple organisations such as UNCTAD, WTO, IMF, etc, the findings are surprising. It is agriculture that wins the battle hands down
As per the data, India’s services sector is highly import-intensive (since all the softwares used in any digital equipment have to be licenced from abroad). In fact,
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