Explanation:

- The balance of trade formula is: Exports - Imports = Balance of Trade.

- You have a deficit of Rs.300 crore, meaning Imports are greater than Exports.

- Given Exports = Rs.500 crore.

- Balance of Trade is -300 crore (since it's a deficit).

Now let's calculate:

- Balance of Trade = Exports - Imports

- -300 = 500 - Imports

- Rearrange to find Imports: Imports = 500 + 300

- Imports = 800 crore

- Therefore, Option 1: 800 crores is the correct answer.