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Question

Consider the following statements in regards to the Economic Survey of India 2022-23, chapter 11: External Sector

1.    India diversified its markets and increased its exports to countries like Brazil, South Africa, and Saudi Arabia.

2.    Remittances are the second largest major source of external financing after service export.

3.    As of December 2022, India is the 5th largest foreign reserves holder in the world.

  Which of the statements given above is/are not correct?

A 1 only Correct Answer Incorrect Answer
B 2 only Correct Answer Incorrect Answer
C 3 only Correct Answer Incorrect Answer
D 1 & 3 Correct Answer Incorrect Answer
E 2 & 3 Correct Answer Incorrect Answer

Solution

India diversified its markets and increased its exports to countries like Brazil, South Africa, and Saudi Arabia. Remittances are the second largest major source of external financing after service export. As of December 2022, India’s forex reserves stood at US$ 563 bn covering 9.3 months of imports. It should be noted that India is the 6th largest foreign reserves holder in the world.

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