UPSC Prelims 2003·GS1·economy·economic sectors and development

Consider the following statements 1. India’s import of crude and petroleum product during the year 2001-02 accounted for about 27% of India’s total imports. 2. During the year, 2001-02, India’s exports had increased by 10% as compared to the previous year Which of these statements is/are correct?

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  1. AOnly 1Correct
  2. BOnly 2
  3. CBoth 1 and 2
  4. DNeither 1 nor 2

Explanation

Statement 1 is correct. During the fiscal year 2001-02, India spent approximately 17.6 billion dollars on the import of crude oil and petroleum products, which constituted roughly 27 percent of the total import bill of 51.4 billion dollars. Statement 2 is incorrect. India experienced a significant slowdown in export growth during 2001-02 due to a global economic downturn. Instead of a 10 percent increase, the export growth rate was nearly flat, or less than 1 percent, compared to the previous year. Therefore, only the first statement is accurate, making option A the correct answer.
economy: Consider the following statements 1. India’s import of crude and petroleum product during the year 2001-02 accounted for
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