Foreign Trade - Trends and Policy

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Indian Economy - Understanding the basics of Indian economic system

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Consider the following statements

The value of Indo-Sri Lanka trade has consistently increased in the last decade.
“Textile and textile articles” constitute an important item of the trade between India and Bangladesh.
In the last five years, Nepal has been the largest trading partner of India in South Asia.

Which of the statements given above is/are correct?

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UPSC CSP Previous Year Paper (2020)

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1 and 2 only

2 only

3 only

1,2 and 3

Explanation:

Statement 1st is incorrect: https://diplomatist.com/2020/03/03/india-sri-lanka-trade-relations/
Statement 2 is correct: Bangladesh has been a major textile trading partner for India, with a share of more than 5% in exports and over 7% in imports. While annual textile exports to Bangladesh averages US$2,000 million, imports are worth US$400. The major items of exports are fibre and yarn of cotton, man-made staple fibres and man-made filaments while major import items include apparel and clothing, fabric and other made up textile articles.
Statement 3 is incorrect: India’s trade with countries in South Asia has remained less than 4% of its global trade since the late 1980s. Bangladesh is India's largest trading partner in South Asia, followed by Nepal, Sri. Lanka, Pakistan, Bhutan, Afghanistan and the Maldives.

Hence option 2nd is correct.

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