Question : Trade liberalisation has helped India improve its _____________ in industries with medium-to-high technology content.
Option 1: imports
Option 2: fuel efficiency
Option 3: labour intensity
Option 4: comparative advantage
Correct Answer: comparative advantage
Solution : The correct answer is comparative advantage .
Trade liberalisation has helped India enhance its comparative advantage in industries with medium-to-high technology content. Following the introduction of Liberalisation, Privatisation and Globalisation (LPG) reforms, numerous new opportunities arose for economic growth. Trade liberalisation has brought about many advantages:
- Increase in FDI
- Abolishing of licensing system in the country
- Reducing the monopoly of the public sector
- Increase in employment opportunities
- Economic development of the nation.
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