Consider the following statements:

  1. Balance of Trade in India is reported by the Ministry of Commerce and  Industry.
  2. India’s balance of trade in service sector has always been positive.

Which of the above statements is/are correct?

Answer: [C] Both 1 & 2

Ministry of Commerce and Industry, is resposible for reporting Balance of Trade in India. India has been recording sustained trade deficits since 1980 mainly due to the high growth of imports, particularly of crude oil, gold and silver. But India’s balance of trade in services has always been positive, helping its merchandise sector to bridge its perennial trade deficit.

This question is a part of GKToday's Integrated IAS General Studies Module